TORONTO, ONTARIO--(Marketwire - Nov. 30, 2011) - Split REIT Opportunity Trust (the "Fund") (TSX:SOT.UN)(TSX:SOT.PR.A) announces that at an adjourned special meeting of the holders of Capital Units of the Fund held today, Capital Unitholders overwhelmingly approved (i) the merger of the Fund into Criterion REIT Income Fund ("Criterion REIT"), pursuant to which all of the holders of Capital Units of the Fund on December 31, 2011 will become unitholders of Criterion REIT, and (ii) a special retraction to enable Capital Unitholders that do not wish to become unitholders of Criterion REIT to retract their Capital Units on or about December 30, 2011 on the same terms that would have applied had the Fund redeemed all of the Capital Units as originally contemplated on the scheduled termination date of December 31, 2011.

Holders of the Fund's Preferred Securities do not need to take any action. The Preferred Securities will be repaid on the same terms as originally contemplated by the trust indenture. In particular, each holder of a Preferred Security on December 31, 2011 will be paid an amount equal to the Repayment Price, being the original subscription price of $10 per Preferred Security, plus any accrued and unpaid interest thereon. Payment will be made on or about January 3, 2012.

Capital Unitholders do not need to take any action to become Unitholders of Criterion REIT. Assuming receipt of all required approvals, on or about January 3, 2011, Capital Unitholders will exchange their Capital Units for Class A units of Criterion REIT at an exchange ratio calculated based on the relative net asset value of each fund as at the close of business on Friday, December 30, 2011.

Capital Unitholders who wish to exercise the special retraction right must give notice prior to December 16, 2011 that they wish to exercise this right. To ensure that proper notice is given, such Unitholders need to inform their broker or other intermediary sufficiently in advance of December 16, 2011 of their desire to exercise this right as their broker or other intermediary may have an earlier cut-off deadline. As contemplated in the declaration of trust, each Capital Unit retracted will receive an amount, if any, equal to a pro rata share of the net assets of the Fund remaining on the termination of the Fund after payment or accrual of all debts, expenses and liabilities (including any senior indebtedness outstanding, the aggregate Repayment Price and liquidation expenses of the Fund. Payment will be made on or about January 3, 2012.

In order to facilitate the termination of the Fund and the merger discussed above, all units of the Fund will be delisted from the TSX as at the close of business on Friday, December 30, 2011.

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