Date Closed

March 2, 2012

Lead Office

Toronto

Value

375.00 Million CAD

On March 2, 2012, Dundee Real Estate Investment Trust completed its previously announced acquisition of Whiterock Real Estate Investment Trust. The transaction was effected by way of takeover bid and a subsequent “qualifying exchange” in which all Whiterock units remaining outstanding after completion of the takeover bid were redeemed by Whiterock in exchange for Dundee units on a tax-deferred “roll-over” basis. In connection with the takeover bid, Whiterock unitholders received, at their election, either C$16.25 in cash or 0.4729 units of Dundee REIT for total cash and non-cash consideration of approximately C$590 million.

In connection with the acquisition, Dundee assumed the outstanding indebtedness under each of Whiterock’s outstanding debentures and mortgage loans.

In order to fund the cash portion of the purchase price, Dundee arranged for a financing commitment in the amount of C$375 million from TD Bank.

Dundee, headquartered in Toronto, Ontario, is one of the largest Real Estate Investment Trusts in Canada.

McCarthy Tétrault LLP acted for TD Bank, the lender for the acquisition, with a team led by John Currie, and including Jonathan See.