Canadian Real Estate Investment Trust Files Proxy Materials for Unitholders' Meeting to Approve Plan of Arrangement

TORONTO, March 15, 2018 (GLOBE NEWSWIRE) -- Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) announced that it has filed its management information circular (the "Circular") and related materials (collectively, the "Proxy Materials") with the relevant Canadian securities regulators for a special meeting (the "Meeting") of unitholders ("Unitholders") of CREIT at which Unitholders will be asked to approve a plan of arrangement (the "Arrangement") relating to the combination transaction with Choice Properties Real Estate Investment Trust ("Choice Properties") previously announced on February 15, 2018.

Under the Arrangement, Choice Properties will acquire all of CREIT's assets and assume all of its liabilities, including long-term debt and all residual liabilities (other than certain credit facilities of CREIT that will be repaid in connection with the Arrangement). CREIT will then redeem all of its outstanding units for an aggregate of $22.50 in cash and 2.4904 Choice Properties units per CREIT unit, on a fully prorated basis.

Board Recommendation

As previously announced, CREIT's Board of Trustees has determined that the transaction is in the best interest of CREIT and CREIT Unitholders and is recommending that CREIT Unitholders vote in favour of the transaction. CREIT's Board of Trustees has received an opinion from its financial advisor, RBC Capital Markets, that as of the date thereof and subject to the assumptions, limitations and qualifications set forth therein, the consideration under the Arrangement is fair, from a financial point of view, to the Unitholders.

Unitholder Meeting

The Ontario Superior Court of Justice (Commercial List) has granted an interim order providing for, among other things, the calling and holding of the Meeting. To be effective, the special resolution being considered at the Meeting must be approved by at least 66?% of the votes cast by Unitholders present in person or represented by proxy at the Meeting.

The Meeting is scheduled for 10:00 a.m. (Toronto time) on April 11, 2018 at 1 King Street West, 2^nd Level, Grand Banking Hall, Toronto, Ontario M5H 1A1.

Unitholders of record as of 5:00 p.m. (Toronto time) on March 2, 2018 are entitled to receive notice of, and vote at, the Meeting. The Proxy Materials, which will be mailed to Unitholders and are available under CREIT's profile on SEDAR (www.sedar.com), provide important information about the Arrangement, the Meeting and related matters, including voting procedures. Your vote is important regardless of the number of units you own. CREIT Unitholders are encouraged to read the Proxy Materials in detail.

The Board of Trustees recommends that Unitholders vote FOR the Special Resolution Approving the Arrangement.

To be used at the Meeting, proxies must be received by CREIT's registrar and transfer agent, AST Trust Company (Canada), 1 Toronto Street, Suite 1200, Toronto, Ontario M5C 2V6 no later than 5:00 p.m. (Toronto time) on April 9, 2018 (or if the Meeting is adjourned or postponed, on the second last business day prior to the date of the adjourned or postponed Meeting).

Unitholder Election

Under the Arrangement, Unitholders will have the ability to choose whether to receive $53.75 in cash or 4.2835 Choice Properties units for each CREIT unit held, subject to proration.

Information on how to make a valid election as to the form of consideration that a Unitholder wishes to receive under the Arrangement can be found in the Proxy Materials.  Registered Unitholders must return the relevant materials on or before 5:00 p.m. (Toronto time) on April 9, 2018. Beneficial Unitholders may have an earlier deadline in accordance with the instructions they will receive from their broker, investment dealer or other intermediary assisting in making an election.

If you have any questions with regard to the procedures for voting or making your election, please contact Laurel Hill Advisory Group, our proxy solicitation agent, by telephone at 1-877-452-7184 toll-free in North America or at 416-304-0211 for collect calls outside of North America or by e-mail at [email protected].

Voting Methods for Registered and Beneficial Unitholders

Registered Unitholders may vote by:

Internet ? www.astvotemyproxy.com (enter your 13-digit control number to vote)

Telephone ? 1-888-489-7352 (enter your 13-digit control number to vote)

Fax ? 1-866-781-3111 or 416-368-2502 (complete, sign and fax both sides of the form of proxy)

Mail ? Return the competed and signed form of proxy.

Beneficial Unitholders may vote by:

Internet ? www.proxyvote.com (enter your 16-digit control number to vote)

Telephone ? Call the number(s) listed on your voting instruction form (enter your 16-digit control number to vote)

Fax ? Complete, sign and fax both sides of the voting instruction form to the number(s) listed on your voting instruction form

Mail ? Return the completed and signed voting instruction form.

About Canadian Real Estate Investment Trust

CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, industrial, office and residential properties.

For further information

Canadian Real Estate Investment Trust

Mario Barrafato
Executive Vice President and Chief Financial Officer
416-628-7872
[email protected]

Laurel Hill Advisory Group

1-877-452-7184 (toll-free for CREIT unitholders in North America)
1-416-304-0211 (collect call for CREIT unitholders outside North America)
[email protected]

For additional information, visit www.creit.ca or www.sedar.com.