Summit REIT Effects Redemption of Units and Convertible Debentures - Delisting from TSX

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Jan. 25 /CNW/ - Summit REIT announced that, effective today, it has redeemed all of its outstanding trust units (other than those owned by ING Real Estate Canada Trust) (the "Units") and all of its outstanding 6.25% convertible debentures due March 31, 2014 (the "Convertible Debentures").

The Units were redeemed for a price of Cdn$30.00, less any applicable non-resident withholding taxes.

The Convertible Debentures were redeemed for $1,395.35 per $1,000 principal amount, plus accrued and unpaid interest to the date of redemption, less any applicable non-resident withholding taxes.

As a result of the redemption of the Units and the Convertible Debentures, ING Real Estate Canada Trust is now Summit's sole unitholder. It is expected that the Units and the Convertible Debentures will be delisted from the Toronto Stock Exchange on Monday January 29, 2007.

Summit REIT, Canada's industrial landlord, will continue to be managed by ING Real Estate Canada LP. ING Real Estate Canada LP is part of the global ING Real Estate business and is one of Canada's largest real estate management companies providing real estate fund management, portfolio management, asset management and property management, including sales, acquisitions, development and leasing.

Over time ING Real Estate Canada intends to offer a diverse range of investment funds in all segments of the Canadian real estate business.

Contacts

ING Real Estate Canada LP
Paul Dykeman
Chief Executive Officer
Toll-Free (866) 786-6481
and Fax Toll-Free (866) 786-1300
E-mail paul.dykeman@ingrealestate.ca