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Whiterock Closes $82 Million Acquisition of 401 &; 405 The West Mall in Toronto, Ontario

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^{Published in Business and Finance on Wednesday, September 2nd 2009 at 4:07 GMT by Market Wire}  

 TORONTO, Sept. 2 /CNW/ - Whiterock Real Estate Investment Trust (TSX:WRK.UN) announced today that it has closed the previously announced agreement to acquire 401 & 405 The West Mall located in Toronto for $82.3 million before closing costs. Whiterock has a 40% equity interest in the property, a long-term property management contract and a right of first opportunity to purchase the partner's interest in the asset. Whiterock's partner on this acquisition is an established institutional investor that focuses on high quality properties in primary markets, with visible growing cash flow streams backed by solid covenants and longer term leases. Whiterock's equity investment in this property, after assumption of the existing debt, is $9.8 million, with an in-place AFFO return of 22%. Whiterock used cash on hand and its recently renewed $40 million acquisition and operating facility to finance its investment. The in-place AFFO from the property will add approximately $0.32 per unit to Whiterock's annualized AFFO. 401 & 405 The West Mall is a 99% leased Class A multi-tenant office building with 411,285 square feet of office space in two adjacent 11 storey towers, and 1,200 parking stalls. The property is well located with direct access to Highway 427 in the heart of the Greater Toronto Area, and is only 10 minutes from Pearson International Airport. The building is occupied by a solid mix of high quality multi-national tenants including Parmalat, Diageo, Auto Trader, Livingston and RBC. In-place rents are below market, with an average lease term remaining of 7 years. The building has undergone over $20 million of improvements over the last 7 years including new lobby and atrium areas, new windows, upgraded HVAC equipment, and significant tenant area improvements. With the completion of this acquisition, Whiterock's portfolio totals 3.4 million square feet across 44 properties, with a weighted average lease term of over 7 years. 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. 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. %SEDAR: 00022234E 

For further information: [ www.whiterockreit.ca ], Jason Underwood, (416) 907-4861; Paul Simcox, (416) 907-4862; Frank Bucys, CFO, (416) 907-4864