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Press release from Marketwire

Calloway REIT to Redeem 10.25% Series C Senior Unsecured Debentures

Thursday, September 23, 2010

Calloway REIT to Redeem 10.25% Series C Senior Unsecured Debentures17:34 EDT Thursday, September 23, 2010TORONTO, ONTARIO--(Marketwire - Sept. 23, 2010) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICESCalloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announced that it has given notice of its intention to exercise its right to redeem all of its outstanding 10.25% Series C Debentures (the "10.25% Debentures"). 10.25% Series C DebenturesThe redemption date for the 10.25% Debentures will be October 25, 2010 (the "10.25% Debenture Redemption Date"). The redemption price of $1,209.59 for each $1,000 principal amount of 10.25% Debentures, being equal to the aggregate of (i) Canada Yield Price for such debentures, and (ii) all accrued and unpaid interest thereon to the 10.25% Debenture Redemption Date, will be paid in cash on the 10.25% Debenture Redemption Date. The redemption price for the 10.25% Debentures will be payable upon presentation and surrender of the 10.25% Debentures called for redemption at the corporate trust office of Computershare Trust Company of Canada, 100 University Avenue, 11th Floor, Toronto, Ontario M5J 2Y1, attention: Manger, Corporate Trust Services. There is currently $150,000,000 aggregate principal amount of 10.25% Debentures outstanding.About CallowayCalloway Real Estate Investment Trust is an unincorporated open-end real estate investment trust created to invest in a geographically diversified portfolio of high quality retail shopping centres in Canada.FOR FURTHER INFORMATION PLEASE CONTACT: Calloway Real Estate Investment Trust Simon Nyilassy President and Chief Executive Officer (905) 326-6400 ext. 7649 or Calloway Real Estate Investment Trust Bart Munn Chief Financial Officer (905) 326-6400 ext. 7631 The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.