Ms. Chantal Nappert reports

INNVEST REIT ANNOUNCES APPROVAL OF AND AMENDMENTS TO ITS SERIES G CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES

At the special meeting of InnVest Real Estate Investment Trust's debentureholders held today, holders of its convertible unsecured subordinated debentures, Series G, due March 31, 2019, approved the extraordinary resolution authorizing InnVest and the trustee of the Series G debentures to enter into a supplemental indenture amending the trust indenture governing the Series G debentures in order to:

1. Increase the rate of coupon interest payable per annum on the Series G debentures from 5.75 per cent to 6.25 per cent, effective as of the commencement of the next interest accrual period, being Sept. 30, 2014;
2. Increase the conversion price for each InnVest trust unit to be issued upon the conversion of one Series G debenture from $5.80 to $7.50 per trust unit.

The supplemental indenture giving effect to the indenture amendments was executed today and is now in effect. A copy of the supplemental indenture will be available for review on InnVest's SEDAR profile.

Accordingly, and subject to the remaining terms and satisfaction of the conditions of the continuing offer by InnVest to purchase for cash up to $28.75-million aggregate principal amount of the Series G debentures at a purchase price of $1,080 for each $1,000 principal amount of Series G debenture plus accrued and unpaid interest, InnVest intends to take up and pay for Series G debentures tendered to the issuer bid, subject to proration.

For further information about the issuer bid, debentureholders are encouraged to read the combined notice of meeting and management information circular, offer to purchase, and issuer bid circular of InnVest dated June 18, 2014, as amended and supplemented by the combined supplemental management information circular, and notice of variation, change and extension of InnVest dated July 14, 2014, all of which are available on InnVest's SEDAR profile.

Debentureholders that wish to tender their Series G debentures must do so by 5 p.m. (Toronto time) on Wednesday July 30, 2014, and should immediately contact their investment adviser or broker to receive instructions on how to do so.

InnVest has appointed Kingsdale Shareholder Services to act as the solicitation and information agent with respect to the issuer bid. If you have any questions or require any assistance with respect to the issuer bid, including how to tender your Series G debentures to the issuer bid, you may contact the solicitation and information agent by toll-free telephone within Canada and the United States at 1-888-518-6832, collect call outside North America at 1-416-867-2272 or by e-mail.

We seek Safe Harbor.