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Press release from Marketwire

Calloway Real Estate Investment Trust Welcomes Target and Loblaws

Monday, September 26, 2011

Calloway Real Estate Investment Trust Welcomes Target and Loblaws10:04 EDT Monday, September 26, 2011TORONTO, ONTARIO--(Marketwire - Sept. 26, 2011) -NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICESCalloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announced today that it has entered into an agreement with Target Corporation to convert two of Calloway's four Zeller's locations into full-line Target stores. The conversion is scheduled to commence during 2012 with store openings scheduled for summer 2013. These stores are located at Hopedale Mall in Oakville, Ontario and in the Laurentian Power Centre in Kitchener, Ontario. "The introduction of Target stores to these Centres will further strengthen Calloway's high caliber portfolio of tenants" said Al Mawani, Calloway's President and CEO. "Calloway expects the increased tenant demand to enhance cash flow in these Centres and facilitate future intensification plans."Calloway REIT also announced that it has entered into an agreement with Loblaws to convert its Penticton Power Centre Zellers location into a full-line Loblaws store. "We are pleased to expand our relationship with Loblaws in Penticton, demonstrating the strength of the location," added Mr. Mawani.About CallowayCalloway is one of Canada's largest real estate investment trusts with an enterprise value of $5.7 billion. It owns and manages 25 million square feet in 116 value-oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers.FOR FURTHER INFORMATION PLEASE CONTACT: Al MawaniCalloway Real Estate Investment TrustPresident and Chief Executive Officer(905) 326-6400 ext. 7649ORBart MunnCalloway Real Estate Investment TrustChief Financial Officer(905) 326-6400 ext. 7631