DUNDEE REIT TO ISSUE $150 MILLION OF NEW UNITS

TORONTO, NOVEMBER 15, 2006 DUNDEE REIT (D.UN-TSX) announced today that is has entered into an agreement to sell 4,110,000 REIT Units, Series A on a bought deal basis at a price of $36.50 per Unit to a syndicate of investment dealers led by TD Securities Inc. for gross proceeds of $150,015,000 million. The offering is scheduled to close on or about December 12, 2006, and is subject to regulatory approval.