Dundee REIT Completes $100 Million Convertible Debenture Issue.

TORONTO -- DUNDEE REIT (TSX:D.UN) today announced that it has completed its previously announced public offering of $100,000,000 of Series 2005-1 5.7% convertible unsecured subordinated debentures due March 31, 2015. The debentures were sold at par on a bought-deal basis through a syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc. The syndicate also included CIBC World Markets Inc., Dundee Securities Corporation, National Bank Financial Inc., RBC Dominion Securities Inc., Desjardin Securities Inc., HSBC  Securities (Canada) Inc. and Trilon Securities Corporation.

E[acute accent]The net proceeds of the offering will be used for general purposes, including funding acquisitions.

E[acute accent]The debentures have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of, a U.S. person, except in limited circumstances.

E[acute accent]Dundee REIT is an unincorporated, open-ended real estate investment trust. We are a provider of high quality, affordable business premises. We focus on owning, acquiring, leasing and managing mid-sized urban and suburban office and industrial properties in Canada. Our diversified portfolio consists of approximately 13.6 million square feet of gross leasable area, located primarily in our target markets of Toronto, Ottawa, Montreal, Calgary and Edmonton. Our portfolio is well diversified by asset type, geographic location and tenant mix.

E[acute accent]Dundee REIT (TSX:D.UN)