Dundee Industrial REIT and C2C Industrial Properties Inc. Announce Take-Up of Common Shares Under Offer to Acquire Common Sha...

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


DUNDEE INDUSTRIAL REIT (TSX:DIR.UN) AND C2C INDUSTRIAL PROPERTIES INC. (TSX
VENTURE:CCH) announced today that 16,634,679 common shares representing
approximately 95% of the outstanding common shares of C2C Industrial Properties
Inc. ("C2C") (and approximately 78.6% of the outstanding common shares
calculated on a fully-diluted basis) have been deposited under the previously
announced offer (the "Offer") to purchase by a subsidiary of Dundee Industrial
REIT (the "Offeror"). The Minimum Tender Condition under the Offer and all other
conditions under the Offer have been satisfied. The Offeror will take-up all C2C
common shares deposited under the Offer and expects to effect payment to the
depositary on behalf of tendering shareholders on May 15, 2013, resulting in the
issuance of approximately 7,460,654 units of Dundee Industrial REIT. The Offer
expired at 12:01 a.m. (local time) on May 11, 2013. The Offeror may compulsorily
acquire the remaining outstanding common shares of C2C under applicable
corporate law and, if not, Dundee Industrial REIT has agreed with C2C to use
commercially reasonable efforts to complete a subsequent acquisition transaction
to acquire the remaining outstanding common shares of C2C in the next several
weeks. GMP Securities L.P. acted as financial advisor to C2C.


About the Offer

The Offer was not made outside Canada. This press release is not an offer of
securities for sale in the United States. The units of Dundee Industrial REIT
offered under the Offer have not been and will not be registered under the
United States Securities Act of 1933 and accordingly are not being offered for
sale and may not be offered, sold or delivered, directly or indirectly within
the United States, its possessions and other areas subject to its jurisdiction
or to, or for the account or for the benefit of a U.S. person, except pursuant
to an exemption from the registration requirements of that Act.


About Dundee Industrial REIT

Dundee Industrial REIT is an unincorporated, open-ended real estate investment
trust. Dundee Industrial REIT owns a portfolio of 180 primarily light industrial
properties comprising approximately 13.1 million square feet of gross leasable
area in key industrial markets across Canada. Its objective is to build upon and
grow its portfolio and to provide stable, sustainable and growing distributions
to its unitholders. For more information, please visit www.dundeeindustrial.com.


About C2C Industrial Properties Inc.

C2C is a real estate investment corporation specializing in the acquisition,
ownership and operation of light industrial properties across Canada. C2C
currently owns 25 industrial assets totaling approximately 2.5 million square
feet of gross leasable area. For more information, please visit www.c2cip.com.


This press release contains forward-looking statements with respect to Dundee
Industrial REIT and C2C and its operations, strategy, financial performance and
financial condition, as well as with respect to the acquisition of the C2C
Portfolio. These statements generally can be identified by the use of
forward-looking words such as "forecast", "may", "will", "expect", "estimate",
"anticipate", "intend", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of Dundee Industrial REIT
and the C2C's portfolio of assets discussed herein could differ materially from
those expressed or implied by such statements. See the risk factors in the
public filings of Dundee Industrial REIT and C2C. Such statements are qualified
in their entirety by the inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual results to differ
materially from expectations include, among other things, general economic and
market factors, competition, the failure to receive any required approvals or
consents in connection with the acquisition of the C2C Portfolio or the failure
to satisfy or waive any other condition to the acquisition of the C2C Portfolio,
the failure of Dundee Industrial REIT to realize expected benefits from the
acquisition of the C2C Portfolio, the performance of the C2C Portfolio
generally, changes in securities or other laws or regulations or the application
thereof. The cautionary statements qualify all forward-looking statements
attributable to Dundee Industrial REIT and persons acting on its behalf. The
assumptions made in making forward-looking statements are referred to in the
public filings of Dundee Industrial REIT and C2C. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press release.
Except as required by applicable law, Dundee Industrial REIT and C2C
specifically disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future developments or
otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Dundee Industrial Real Estate Investment Trust
Michael Cooper
Chairman, Executive Committee
[phone]
[e-mail]


Dundee Industrial Real Estate Investment Trust
Randy Cameron
Interim President & Chief Executive Officer
[phone]
[e-mail]


Dundee Industrial Real Estate Investment Trust
Mario Barrafato
Chief Financial Officer
[phone]
[e-mail]
www.dundeeindustrial.com


C2C Industrial Properties Inc.
Brian Spence
Chairman
[phone]
[e-mail]


C2C Industrial Properties Inc.
David Wright
Chief Executive Officer & Director
[phone]
[e-mail]


C2C Industrial Properties Inc.
Christopher Ross
President
[phone]
[e-mail]
www.c2cip.com