InterRent Announces Closing of $7 Million Acquisition in Ottawa, Ontario

InterRent Announces Closing of $7 Million Acquisition in Ottawa, Ontario 
NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: InterRent Real Estate Investment Trust 
TSX SYMBOL:  IIP.UN 
FEBRUARY 25, 2014 
InterRent Announces Closing of $7 Million Acquisition in Ottawa, Ontario 
OTTAWA, ONTARIO--(Marketwired - Feb. 25, 2014) -  
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES 
InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent")
announced today that it has closed on a previously announced property
acquisition ideally situated in Ottawa's west end for a purchase price of
$7.2 million. 
The property is located at the corner of Carling Avenue and Crystal Beach
Drive, directly across from the Ottawa River, in the neighborhood of Crystal
Beach and is adjacent to our previously announced acquisition that closed in
May of 2013. Situated in a predominantly residential area, the property offers
excellent views of the Ottawa River and is within close proximity to major bus
transit routes as well as highway 417 and the Bayshore Shopping Center.  
The Property consists of 2 1-bedrooms; 28 2-bedrooms; and 24 garden homes.
Combined with our previous acquisition in Crystal Beach, the REIT now has 141
rental units within close proximity to the former Nortel campus. This campus is
being refitted and the Department of National Defence has reported that it
expects to have 8,500 employees working out of this location within six years
with the first 3,300 scheduled to arrive late in 2015. The properties are being
purchased with a going in capitalization rate of 5.75% and is immediately
accretive to the REIT. The acquisitions will be financed through a conventional
first mortgage while the property is being repositioned.  
"With our years of experience in the Ottawa market, we believe that this
acquisition is in a great geographical location and represents a strong
addition to the long term strategy of growing the REIT's portfolio where
we believe we can create value for our Unitholders," said Mike McGahan,
CEO.  
About InterRent 
InterRent REIT is a growth-oriented real estate investment trust engaged in
increasing Unitholder value and creating a growing and sustainable distribution
through the acquisition and ownership of multi-residential properties. 
InterRent's strategy is to expand its portfolio primarily within markets
that have exhibited stable market vacancies, sufficient suites available to
attain the critical mass necessary to implement an efficient portfolio
management structure and, offer opportunities for accretive acquisitions. 
InterRent's primary objective is to use the proven industry experience of
the Trustees, Management and Operational Team to: (i) provide Unitholders with
stable and growing cash distributions from investments in a diversified
portfolio of multi-residential properties; (ii) enhance the value of the assets
and maximize long-term Unit value through the active management of such assets;
and (iii) expand the asset base and increase Distributable Income through
accretive acquisitions.  
Forward Looking Statements 
This news release contains "forward-looking statements" within the
meaning applicable to Canadian securities legislation. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "anticipated",
"expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
InterRent is subject to significant risks and uncertainties which may cause the
actual results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the forward
looking statements contained in this release. A full description of these risk
factors can be found in InterRent's most recently publicly filed
information located at www.sedar.com. InterRent cannot assure investors that
actual results will be consistent with these forward looking statements and
InterRent assumes no obligation to update or revise the forward looking
statements contained in this release to reflect actual events or new
circumstances. 
The TSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release. 
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
InterRent Real Estate Investment Trust
Mike McGahan
Chief Executive Officer
(613) 569-5699 Ext 244
(613) 569-5698
mmcgahan@interrentreit.com
or
InterRent Real Estate Investment Trust
Curt Millar, CA
Chief Financial Officer
(613) 569-5699 Ext 233
(613) 569-5698
cmillar@interrentreit.com 
INDUSTRY:  Financial Services - Commercial and Investment Banking, Financial
Services - Venture Capital, Real Estate and Construction - Commercial Real
Estate 
SUBJECT:  BFC 
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-0- Feb/25/2014 19:49 GMT
 
 
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