TORONTO, ONTARIO--(Marketwired - Aug. 18, 2017) - OneREIT (TSX:ONR.UN) announced today that it has obtained an interim order from the Ontario Superior Court of Justice (Commercial List) (the "Interim Order") with respect to OneREIT's previously announced plan of arrangement involving, among others, OneREIT, Smart Real Estate Investment Trust and Strathallen Acquisitions Inc. (the "Transaction").

The Interim Order, among other things, authorizes OneREIT to call and hold a special meeting of OneREIT unitholders to consider the Transaction (the "Meeting"). In accordance with the Interim Order, the Meeting will be held on September 25, 2017 with a record date of August 18, 2017.

In connection with the Meeting, OneREIT expects to mail a management information circular to OneREIT unitholders on or about September 1, 2017. The circular will also be available on SEDAR under OneREIT's profile at

OneREIT also announced today that, together with SmartREIT, it has agreed to amend and restate the arrangement agreement previously entered into on August 4, 2017 to make certain technical changes. A full copy of the amended and restated arrangement agreement has been made available on SEDAR under OneREIT's profile at

About OneREIT

OneREIT is an unincorporated, open-end real estate investment trust which focuses on owning and acquiring retail properties across Canada with the goal of enhancing long-term unitholder value.

Forward-Looking Information

This press release includes forward-looking information. In some cases, forward-looking information can be identified by the use of words such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking information is based on certain key expectations and assumptions made by OneREIT, including with respect to the Transaction and all other statements that are not historical facts. The timing and completion of the Transaction is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, required regulatory, court, and unitholder approvals. Although management of OneREIT believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that any transaction, including the Transaction, will occur or that it will occur on the timetable or on the terms and conditions contemplated in this news release. The Transaction could be modified, restructured or terminated. Readers are cautioned not to place undue reliance on forward-looking information. By its nature, such forward-looking information necessarily involves known and unknown risks and uncertainties that may cause actual results, performance, prospects and opportunities in future periods of OneREIT to differ materially from those expressed or implied by such forward-looking statements. Neither OneREIT nor and any other person assumes responsibility for the accuracy and completeness of any forward-looking information, and no one has any obligation to update or revise any forward-looking information, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

Contact Information:

Richard Michaeloff
Chief Executive Officer
(416) 741-7999
(416) 741-7993 (FAX)