Whiterock REIT Completes $34 Million Public Equity Offering And Reaffirms
Expected Airway Centre Closing

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TORONTO, June 15 /CNW/ - Whiterock Real Estate Investment Trust (TSX:WRK.UN) announced today that it has closed its previously-announced public equity offering consisting of 2,430,000 trust units at a price of $14.00 per unit, for gross proceeds of approximately $34 million. The offering was completed on a bought deal basis, through a syndicate of underwriters led by TD Securities Inc. and including CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., National Bank Financial Inc., and Dundee Securities Corporation.

Whiterock has granted the underwriters an over-allotment option to purchase up to an additional 364,500 trust units at the same offering price, exercisable in whole or in part at any time for a period of up to 30 days following the closing of the offering to cover over-allotments, if any. If the over-allotment option is exercised in full, the gross proceeds of the offering will total approximately $39.1 million.

Whiterock intends to use $10.3 million of the net proceeds of the offering to fund the acquisition of Airway Centre 1 and the remainder to fund approximately $24 million in prepaid rent obligations related to Airway Centre 2-4, as well as for general trust purposes.

As Whiterock REIT previously announced, it has entered into an agreement to purchase Airway Centre 1 and to long-term lease Airway Centre 2-4. These office properties are located at 5915-5955 Airport Road, Mississauga. They are primary market assets consisting of four office towers located adjacent to Toronto Pearson International Airport, have excellent access to the major 400 series highways; and are within minutes of downtown Toronto. These multi-tenant office buildings, consisting of over 670,000 square feet, offer excellent visibility and a diverse tenant base, and have an occupancy rate of 96% and an average remaining lease term of approximately five years. Management anticipates that the transaction will close by June 22, 2010.

The in-place AFFO from the properties is expected to add over $0.10 per unit to Whiterock's annualized AFFO, and reduce its overall leverage. The addition of these assets to Whiterock's portfolio will strengthen its owned and/or managed presence in the key Greater Toronto Area market to 3.2 million square feet, while maintaining the excellent investment grade profile of Whiterock's tenant roster.

With the completion of the Airway Centre transaction, Whiterock's wholly-owned and co-owned aggregate real estate portfolio, including Airway Centre 2-4 which is under long-term lease, will total approximately 6.2 million square feet across 60 properties in seven provinces. Whiterock's interest in the portfolio will have a weighted average remaining lease term of approximately 6.5 years, and 43.5% of its interest in the portfolio will consist of government and investment-grade tenants.

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 but not limited to the risk that the transactions described herein may not be completed in a timely way or at all, and the risks 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. In particular, but without limitation, there can be no assurance that Whiterock will be to able to increase its AFFO. 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.

    
       The Toronto Stock Exchange has not reviewed and does not accept
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For further information: www.whiterockreit.ca; Jason Underwood, 416-907-4861; Frank Bucys, CFO, 416-907-4864