Canadian Real Estate Investment Trust Announces Closing of Public Equity Offering

TORONTO, ONTARIO--(Marketwired - Nov. 20, 2014) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) announced today that it has closed its previously announced public equity offering of 2,934,800 units (including 382,800 units issued pursuant to the exercise in full of the over-allotment option granted to the underwriters by CREIT) at a price of $49.00 per unit for gross proceeds of approximately $143.8 million. The units were qualified by a prospectus supplement dated November 13, 2014 to CREIT's short form base shelf prospectus dated June 18, 2013, and were underwritten by a syndicate of underwriters led by RBC Capital Markets.

CREIT will use the net proceeds from the offering to partially repay its revolving credit facilities, which were drawn primarily to fund CREIT's numerous previously disclosed investment, development and financing activities.

Upon closing of the offering today, 72,469,547 units were issued and outstanding.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT CREIT

CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to Unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, office and industrial properties.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.