Whiterock REIT Announces Management Change

TORONTO , Oct. 23 /CNW/ - Whiterock Real Estate Investment Trust ("Whiterock") (TSX: WRK.UN), a growth oriented real estate investment trust focused on increasing Unitholder value through the strategic acquisition, ownership and management of well-located, long-term leased office, industrial and retail properties across Canada , announced today that Paul Simcox will be resigning as Executive Vice President and a member of Whiterock's board, effective January 1, 2010 .

"Paul is a co-founder of Whiterock and his contribution and expertise have been extremely valuable in Whiterock's growth from a start-up company to a fully integrated 3.4 million square foot real estate platform anchored by high credit tenants with long-term leases, as well as its positive future outlook. We are fortunate to have an excellent team in place companywide, and I am confident that our team has the skills to continue to advance our business plan and guide Whiterock through the next period of its growth," said Jason Underwood , CEO.

"On behalf of the Board I wish to thank Paul for his dedicated service and leadership and wish him well in his new endeavors," said Oz Pedde, Chairman of the Board of Whiterock. "Whiterock and its employees continue to be fully committed to its operational and financial success in the marketplace and, in turn, creating long-term sustainable shareholder value," he added.

"I am proud to have been a part of the development of Whiterock during the past 5 years and I am confident that I will be leaving it in capable hands. I intend to begin pursuing other entrepreneurial endeavors in the coming months but will be assisting and consulting as required in the transition of my responsibilities to the existing management team," said Paul Simcox .

About Whiterock

Whiterock's existing portfolio is anchored by high credit tenants with long-term leases. The portfolio consists of 44 properties totalling 3.4 million square feet, located in 13 markets across Canada , including Calgary , Edmonton , Regina, Saskatoon, Toronto , Ottawa , Montreal and Quebec City.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect" "estimate", "anticipate", "intend", "believe" or "continue", the negative forms thereof and similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future events or performance and, by their nature, are based on Whiterock's estimates and assumptions, which are subject to known and unknown risks, uncertainties and other factors that may cause the actual events, results or prospects to be materially different from those expressed or implied herein. Readers are cautioned that a number of risks, uncertainties and other factors, including those discussed in Whiterock's various securities filings, including the section entitled "Risk Factors" in Whiterock's Annual Information Form which can be obtained at www.sedar.com, could cause actual events, results or prospects to differ materially from those stated or implied. These risks, uncertainties and other factors should be considered carefully, and a reader should not place undue reliance on forward-looking statements, as there can be no assurance that actual events, results or prospects will be consistent with such statements. Except as required by law, Whiterock does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

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For further information: www.whiterockreit.ca; Frank Bucys, CFO, [phone]; Jennifer Kosloski, [phone]