Charter Real Estate Investment Trust (TSX-V: CRH.UN) files Amended and Restated Preliminary Prospectus

07/27/2007

TORONTO: Charter Real Estate Investment Trust (the “REIT”) announces that it has filed an amended and restated preliminary short form prospectus in each of the provinces and territories of Canada, which amends and restates the REIT’s preliminary short form prospectus referenced in the REIT’s press release of July 3, 2007. The amended and restated preliminary prospectus was filed in connection with a marketed offering (the “Offering”) of trust units (“Units”) and reflects an amended offering price of $3.75 per Unit. The REIT intends to raise proceeds of up to $55 million and, subject to the approval of the TSX Venture Exchange, anticipates filing a final prospectus on or about August 2, 2007. All other aspects of the Offering remain as disclosed in the REIT’s press release of July 3, 2007.

CHARTER REIT: Charter Real Estate Investment Trust is an open-ended real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring a portfolio of retail and mixed-use retail real estate comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada, with the principal goal of generating a reliable and growing yield for its investors. Charter REIT owns four commercial real estate properties located in Ontario and Quebec.

MORE INFORMATION: Ari Silverberg, President and Chief Operating Officer
or Floriana Cipollone, Chief Financial Officer
Telephone: (416) 364-5705, Facsimile: (416) 861-8166

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE DISTRIBUTION SERVICES

This press release contains forward-looking statements with respect to the Offering. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the Offering will be completed. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the REIT undertakes no obligation to update such statements except as required by law.

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