MISSISSAUGA, CANADA – February 1, 2007 – Public Sector Pension Investment Board (“PSPIB”) and Retirement Residences Real Estate Investment Trust (“Retirement REIT”)(RRR.UN, RRR.DB.B, RRR.DB.C – TSX) announced today that PSPIB Destiny Inc. (“PSPIB Destiny”), a wholly-owned subsidiary of PSPIB, has acquired, pursuant to the compulsory acquisition provisions in Retirement REIT’s declaration of trust, an additional 5,912,681 units of Retirement REIT, representing approximately an additional 6.3% of issued and outstanding Retirement REIT units that were not deposited under the offer made by PSPIB Destiny on October 23, 2006 to acquire all of the issued and outstanding units of Retirement REIT.
As a result, PSPIB Destiny now holds 93,445,745 units of Retirement REIT, representing 100%of the issued and outstanding units of Retirement REIT.
The units of Retirement REIT will be delisted from the Toronto Stock Exchange at the close of business on February 2, 2007.
About Retirement REIT
Retirement REIT is the largest provider of accommodation and care for seniors in Canada. Retirement REIT owns 224 retirement and long term care facilities, including 40 facilities in select United States markets, and provides management services to 8 homes for other parties, with an aggregate resident capacity in excess of 26,500. Retirement REIT also provides nursing placement and in-home health care through its Central Health Services unit. For further information, see the Retirement REIT website at www.retirementreit.com.
PSPIB is a Canadian crown corporation established to manage employer and employee contributions made after April 1, 2000 to the Federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police pension funds.
For additional information contact:
Vice President, Investor Relations & Corporate Finance
Retirement Residences Real Estate Investment Trust
55 Standish Court, 8th Floor
Mississauga, Ontario L5R 4B2
Telephone No.: (289) 360-1224
Director, Communications and Government Relations Public Sector Pension Investment Board
1250 Rene-Levesque Blvd. West, Suite 2030 Montreal, Quebec H3B 4W8
Telephone No.: (514) 937-2772