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Press release from Marketwire

Retrocom Mid-Market REIT Announces Increase to Bought Deal Financing

Thursday, February 24, 2011

Retrocom Mid-Market REIT Announces Increase to Bought Deal Financing10:22 EST Thursday, February 24, 2011TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) -NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCERetrocom Mid-Market Real Estate Investment Trust (the "REIT" or "Retrocom") (TSX:RMM.UN) is pleased to announce it will increase its previously announced financing of Units to 8,550,000 Units at a price of $5.85 per Unit for gross proceeds of $50,017,500 to a syndicate of underwriters led by TD Securities Inc. and including BMO Capital Markets, CIBC, RBC Capital Markets, Scotia Capital Inc., Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp., National Bank Financial Inc. and Dundee Securities Ltd. In addition, Retrocom has granted the syndicate an over-allotment option, exercisable for a period of 30 days following the closing, to purchase up to an additional 1,282,500 Units, which, if exercised, would increase the gross offering size to $57,520,125. The net proceeds of the offering are expected to be used to repay funds drawn on the REIT's operating line for the closing of the previously announced acquisition of six properties from Counsel Corporation totalling $142.5 million (inclusive of transaction costs) on December 30, 2010, to fund part of the acquisition from Calloway REIT announced yesterday, and for general trust purposes.The offering is expected to close on or about March 15, 2011. Closing of the offering is subject to certain customary conditions, including the receipt of all necessary regulatory approvals.About Retrocom Mid-Market REITRetrocom Mid-Market REIT is an Ontario unincorporated open-end real estate investment trust which focuses on owning and acquiring community-based commercial properties in primary and secondary cities across Canada with the objective of producing a geographically diversified portfolio of properties with stable and growing cash flows. Cautionary StatementsThis press release contains forward-looking statements including statements concerning the expected closing date of the offering and the acquisition, and the expected use of proceeds of the offering. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT, including in respect of the receipt of all regulatory approvals necessary to complete the offering on a timely basis. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.FOR FURTHER INFORMATION PLEASE CONTACT: Richard MichaeloffRetrocom Mid-Market Real Estate Investment TrustChief Executive Officer(416) 741-7999 ext. 5227(416) 741-7993 (FAX)rmichaeloff@rmmreit.com