Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Artis Raises $5M; Buyer pays $9 a unit

[commoditiesbull]

Artis REIT announces $5 million non-brokered private placement offering

 WINNIPEG, July 31 - Artis Real Estate Investment Trust ("Artis" or  

the "REIT") (TSX: AX.UN) is pleased to announce that effective today, it has  

closed a non-brokered private placement of 555,555 trust units of Artis (the  

"Units") at a price of $9.00 per Unit for aggregate gross proceeds of  

approximately $5 million.  

Prior to the issue of the new Units from treasury, Artis had 32,993,512  

Units issued and outstanding; the private placement represents approximately  

1.7% of such Units. The Units are subject to a hold period and may not be  

sold, transferred or otherwise traded for four months and one day from the  

relevant closing date.  

Artis intends to use $2 million of the proceeds to pay down short-term  

debt. Pursuant to the agreement with the holder of the new Units, the  

remaining $3 million will be used to repay a portion of the outstanding Series  

D Debenture.  

  

Artis is a growth oriented real estate investment trust focused  

exclusively on commercial properties located in primary and growing secondary  

markets in western Canada. The REIT's goal is to provide unitholders the  

opportunity to invest in high quality western Canadian office, retail and  

industrial properties, as well as to provide monthly cash distributions that  

are stable, tax efficient, and growing over time. Artis' commercial property  

comprises approximately 6.3 million square feet of leasable area in 85  

properties. Leasable area is approximately 31% in Manitoba, 7% in  

Saskatchewan, 56% in Alberta, and 6% in B.C.; by asset class the portfolio is  

31% retail, 41% office and 28% industrial. The REIT's Distribution  

Reinvestment Plan ("DRIP") allows unitholders to have their monthly cash  

distributions used to purchase trust units without incurring commission or  

brokerage fees, and receive bonus units equal to 4% of their monthly cash  

distributions. More information can be obtained at   www.artisreit.com. This
  

press release contains forward looking statements. For this purpose, any  

statements contained herein that are not statements of historical fact may be  

deemed to be forward looking statements. Without limiting the foregoing, the  

words "expects", "anticipates", "intends", "estimates", "projects", and  

similar expressions are intended to identify forward looking statements. Artis  

is subject to significant risks and uncertainties which may cause the actual  

results, performance or achievements of the REIT to be materially different  

from any future results, performance or achievements expressed or implied in  

these forward looking statements. Artis cannot assure investors that actual  

results will be consistent with any forward looking statements and Artis  

assumes no obligation to update or revise such forward looking statements to  

reflect actual events or new circumstances. All forward looking statements  

contained in this press release are qualified by this cautionary statement.  

  

The Toronto Stock Exchange does not accept responsibility for the  

adequacy or accuracy of this press release.  

For further information: Mr. Armin Martens, President and Chief  

Executive Officer, Mr. Jim Green, Chief Financial Officer or Ms. Kirsty  

Stevens, Senior VP - Investor Relations, [phone]