Charter Real Estate Investment Trust Announces Appointment of Independent Trustee

TORONTO, ONTARIO, Apr 07 (MARKET WIRE) --
Charter Real Estate Investment Trust ("Charter REIT") (TSX VENTURE:
CRH.UN) is pleased to announce the appointment of Saul Shulman as an
Independent Trustee on Charter REIT's Board of Trustees. The appointment
was effective March 24, 2009. Mr. Shulman replaces Timothy Unwin, who
recently accepted a board position with C.A. Bancorp Inc. and was,
therefore, no longer considered an Independent Trustee of Charter REIT.

Mr. Shulman is the Chief Executive Officer of MLG Management Inc., a
position which he has occupied since January 1, 2005. He is currently
serving as a director with Tricon Capital Group Inc., a leading provider
of equity and mezzanine loans to North America's real estate development
industry; Great Lakes Hydro Income Fund, a hydro company; and 1281216
Ontario Inc. (Castlemore Golf & Country Club/Intracorp Developments
Ltd.), a residential developer. He is also serving as a chairman for a
number of private companies.

He previously acted as a trustee of Summit Real Estate Investment Trust,
a publicly traded real estate investment trust specializing in light
industrial real estate. Some of the other companies where Mr. Shulman has
previously held directorship positions include: Brookfield Asset
Management, a real estate, hydro and asset management company, where he
served as an independent member of the Board of Directors; Brookfield
Power Inc., a power operation, where he served as a member of the
Business Advisory Board; JDS Investment Limited, a public real estate
company whose activities included the acquisition, development and
operation of shopping centres and office buildings; and Brascan
Corporation, a publicly traded asset management company with a focus on
real estate and power generation, where he served as a lead director. In
1983, Mr. Shulman was appointed as Special Counsel to the Board of
Directors of Mascan Corp., a publicly traded property developer, by the
Supreme Court of Ontario, where they achieved a restructuring for the
principal shareholders and the sale of the shares to a British public
real estate corporation.

Mr. Shulman is a graduate of Osgoode Hall, where he earned his law degree
in 1963 and was appointed Queen's Counsel in 1984. He also earned a
Bachelor of Commerce degree from the University of Windsor in 1960. Mr.
Shulman was a partner of Goodman and Carr from 1965 to 2004. He is
currently a participant and lecturer for the Law Society of Upper Canada
in the Continuing Education Series dealing with the "Art of Negotiation."

John Driscoll, Charter REIT's Chairman of the Board, welcomes Mr. Shulman
to the Board and is confident that his knowledge and experience will
complement the skills of the other Board members. Charter REIT's Board of
Trustees looks forward to working with him.

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 10 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 and timing of
Charter REIT to find a replacement trustee. 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.

Charter Real Estate Investment Trust
The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 364-5705
Fax: (416) 861-8166

Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Charter Real Estate Investment Trust
Ari Silverberg
President and Chief Operating Officer
(416) 364-5705
(416) 861-8166 (FAX)

Charter Real Estate Investment Trust
Floriana Cipollone
Chief Financial Officer
(416) 364-5705
(416) 861-8166 (FAX)
info@charterreit.com
www.charterreit.com

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