Date Closed

July 17, 2008

Lead Office

Calgary

Value

80.00 Million CAD

On July 17, 2008, Whiterock Real Estate Investment Trust (“Whiterock”) completed the acquisition of C$80 million of commercial properties in Calgary and Edmonton, Alberta from Leben Real Estate Investment Trust (“Leben”). The portfolio totals approximately 341,000 square feet (approximately 54% office, 30% industrial, and 16% retail) over eight properties. The purchase price of C$80 million was paid with a $22.8 million private placement of new units and new convertible unsecured subordinated debentures to Leben, with the balance of the funds provided by new and assumed mortgages at an average rate of 5.8% and an average term of 5.1 years, as well as Whiterock’s $40 million revolving credit facility. Leben received C$11.4 million of new units issued at C$11.50 per unit and C$11.4 million of new convertible unsecured subordinated debentures with a 6.0% coupon, a 4-year term, and a conversion price of C$13.22 per unit.

McCarthy Tétrault LLP advised Leben REIT with a team led by Debra Poon.