Melcor Real Estate Investment Trust Prices $83 Million Initial Public Offering

EDMONTON, ALBERTA–(Marketwired – April 19, 2013) –

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

Melcor Developments Ltd. (TSX:MRD) and Melcor Real Estate Investment Trust (the “REIT”) announced today that the REIT has filed, and obtained a receipt for, a final prospectus for its initial public offering of 8,300,000 trust units with the securities commissions of all provinces and territories in Canada. The trust units will be issued at a price of $10.00 per trust unit and are expected to provide holders of trust units with an annual yield of 6.75%. Gross proceeds of the offering are expected to be $83,000,000.

The offering is being underwritten by a syndicate of underwriters co-led by RBC Capital Markets and CIBC, and including BMO Nesbitt Burns, TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp. and Laurentian Bank Securities Inc. Melcor Developments Ltd. and the REIT have granted to the underwriters an over-allotment option to purchase up to an additional 830,000 trust units at a price of $10.00 per unit for a period of 30 days after closing of the offering and, if exercised in full, will increase the total gross proceeds of the offering to Melcor and the REIT to $91,300,000.

The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of the trust units under the symbol “MR.UN”, subject to fulfilling all of the requirements of the TSX.

The REIT initially intends to make monthly cash distributions to its unitholders at a rate of $0.05625 per trust unit, which are initially expected to provide an annual yield of 6.75%. The first cash distribution, which will be for the period from the date of closing of the offering to May 31, 2013, is expected to be paid on or about June 14, 2013 to unitholders of record on May 31, 2013, in an amount estimated to be $0.05625 per unit (assuming the closing occurs on May 1, 2013). The offering is expected to close on May 1, 2013.

On closing of the initial public offering, it is expected that Melcor Developments Ltd. (collectively, with its affiliates, “Melcor”) will directly or indirectly hold a 55.5% interest in the REIT (51.1% if the over-allotment option is exercised in full). Melcor’s experienced real estate team will externally administer and operate the REIT’s properties.

Copies of the final prospectus are available under the REIT’s profile on SEDAR at www.sedar.com.

The trust units have not been, nor will they be, registered under the United States Securities Act of 1993, as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the United States Securities Act of 1933, as amended). This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the trust units in the United States or to, or for the account or benefit of, U.S. Persons.

About Melcor Developments Ltd.

Melcor is a diversified real estate development and management company with a rich heritage of integrity and innovation in real estate since 1923.

Through four integrated operating divisions, Melcor manages the full life cycle of real estate development: from acquiring raw land, to community planning, to construction and development, to owning and managing leasable office, retail and residential sites. Melcor develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centres and golf courses.

Melcor’s headquarters are located in Edmonton, Alberta, with regional offices throughout Alberta and British Columbia. Company developments span Western Canada and the US. Melcor has been a public company since 1968 and trades on the Toronto Stock Exchange (TSX:MRD).

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Melcor’s and the REIT’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Melcor’s or the REIT’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, failure to complete the initial public offering of trust units and related transactions, and the factors discussed under “Risk Factors” in the final prospectus of the REIT dated April 19^th, 2013. Neither Melcor nor the REIT undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

For more information, visit the REIT’s website at www.melcorREIT.ca and the REIT’s and Melcor’s respective issuer profiles at www.sedar.com