Whiterock REIT Raises An Additional $5.1 Million Through The Exercise Of The
Underwriters' Over-Allotment Option

TSX - WRK.UN

TORONTO, June 29 /CNW/ - Whiterock Real Estate Investment Trust ("Whiterock") (TSX: WRK.UN) a growth oriented REIT with a significant presence in major markets and a high quality long-term leased revenue stream is pleased to announce that, in connection with Whiterock's recently closed public equity offering of trust units (the "Offering") for gross proceeds of approximately $34 million, the underwriters have exercised in full their over-allotment option to purchase 364,500 trust units at a price of $14.00 per unit, for gross proceeds of $5,103,000. In total, the aggregate gross proceeds of the Offering totalled approximately $39.1 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.

As Whiterock previously announced, it purchased Airway Centre 1 and entered into a long-term lease agreement for Airway Centre 2-4 on June 18, 2010. 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. The in-place AFFO from these properties is expected to add over $0.10 per unit to Whiterock's annualized AFFO.

The addition of these assets to Whiterock's portfolio further strengthens Whiterock's presence in the key Greater Toronto Area market to approximately three million square feet. Furthermore, Whiterock's owned and/or managed aggregate real estate portfolio, including Airway Centre 2-4 which is under long-term lease, totals approximately 6.8 million square feet across 68 properties in seven provinces. Whiterock's interest in the portfolio has a weighted average remaining lease term of approximately 6.5 years and nearly 43.5% of its interest in the portfolio consists 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 responsibility for the adequacy or accuracy of this release.

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For further information: www.whiterockreit.ca; Jason Underwood, 416-907-4861; Frank Bucys, CFO, 416-907-4864