MRD Melcor Developments Ltd

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


Melcor Real Estate Investment Trust (the "REIT") (TSX:MR.UN) and Melcor
Developments Ltd. ("Melcor") (TSX:MRD) announced today that pursuant to the
underwriting agreement dated April 19, 2013 between the REIT, Melcor and a
syndicate of underwriters co-led by RBC Capital Markets and CIBC, and including
BMO Nesbitt Burns Inc., TD Securities Inc., Desjardins Securities Inc., National
Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp. and Laurentian
Bank Securities Inc., the underwriters have exercised in full their option to
purchase 830,000 additional trust units of the REIT from Melcor at a price of
$10.00 per trust unit for aggregate consideration of $8,300,000. 


The closing of the over-allotment is expected to be completed on May 10, 2013.
Following closing of the over-allotment option, Melcor will indirectly own an
approximate 51.1% effective interest in the REIT.


The trust units have not been, nor will they be, registered under the United
States Securities Act of 1933, 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 Real Estate Investment Trust

Melcor Real Estate Investment Trust is an unincorporated, open-ended real estate
investment trust established pursuant to a declaration of trust under the laws
of the Province of Alberta. The REIT has been created for the purpose of
acquiring and owning income producing properties located in Western Canada,
comprised primarily of retail, office and industrial properties. Concurrent with
the completion of the initial public offering of trust units, the REIT
indirectly acquired, through a limited partnership, interests in a portfolio of
27 income producing properties located in the Edmonton, Alberta region; the
Calgary, Alberta region; Lethbridge, Alberta; Regina, Saskatchewan; and Kelowna,
British Columbia, with approximately 1.57 million owned square feet of gross
leasable area.


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 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, the factors discussed under "Risk
Factors" in the final prospectus of the REIT dated April 19th, 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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Melcor Developments Ltd. - President & COO
Melcor Real Estate Investment Trust - Trustee
Brian Baker
780-423-6931


Melcor Developments Ltd. - CFO
Melcor Real Estate Investment Trust - CFO
Jonathan Chia, CA
780-423-6931


Melcor Developments Ltd. - Executive Vice-President
Melcor Real Estate Investment Trust - CEO
Darin Rayburn
780-423-6931

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