Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN) Announces Distribution of $0.02587 Per Unit

TORONTO, ONTARIO–(EMWNews – July 15, 2008) – Charter Real Estate Investment Trust (“Charter REIT”) (TSX VENTURE:CRH.UN) is pleased to announce a $0.02587 per unit distribution for July 2008. The distribution will be paid on August 15, 2008 to unitholders of record on July 31, 2008.

Charter REIT currently has 17,885,245 trust units outstanding.

Distribution Reinvestment Plan

Charter REIT offers a distribution reinvestment plan whereby residents of Canada may elect to have their cash distributions reinvested in additional units of Charter REIT. To date, approximately 26% of the total issued and outstanding units have enrolled in the plan.

Charter REIT

Charter Real Estate Investment Trust is an open-end 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 community and neighbourhood centres, generally in the mid-market deal size range of $10 to $40 million, comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada. Charter REIT’s principal goal is to generate a reliable and growing yield for its investors. Charter REIT currently owns seven retail properties located in Ontario and Quebec.

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to Charter REIT. The forward-looking statements are not historical facts but reflect Charter REIT’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the ability of Charter REIT to pay the distribution on the date specified. Although Charter REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Charter REIT undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Sentry Select Capital Corp.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615

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