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Artis Real Estate Investment Trust (TSX:AX.UN) ("Artis" or the "REIT") announced
today that it has entered into an agreement to sell to a syndicate of
underwriters led by RBC Capital Markets, CIBC and Canaccord Genuity Corp. (the
"Underwriters"), on a bought deal basis, 6,215,000 trust units ("Units") at a
price of $16.10 per Unit for gross proceeds to Artis of $100,061,500 (the
"Financing"). Artis has also granted the Underwriters an option, exercisable at
any time up to 48 hours prior to the closing of the Financing, to purchase a
further 932,250 units at the issue price which, if fully exercised, would result
in additional gross proceeds of $15,009,225.


The Financing is being made pursuant to the REIT's base shelf prospectus dated
June 15, 2012. The terms of the offering will be described in a prospectus
supplement to be filed with Canadian securities regulators. The Financing is
expected to close on or about May 22, 2014 and is subject to regulatory
approval.


Artis intends to use the net proceeds to fund future acquisitions, including
those outlined below, for debt repayment and for general trust purposes.


This press release shall not constitute an offer to sell, or the solicitation of
an offer to buy, any securities in any jurisdiction. The Units being offered
have not been and will not be registered under the U.S. Securities Act of 1933
and state securities laws. Accordingly, the Units may not be offered or sold to
U.S. persons except pursuant to applicable exemptions from registration
requirements.


Acquisitions

601 Tower at Carlson is a 15 storey office tower located in Minneapolis,
Minnesota. The property has 288,458 square feet and is over 99% occupied, with
40% of the asset leased to credit tenants, including Wells Fargo Advisors, RBC
Capital Markets, OneBeacon Services, LLC, and HQ Global Workplaces. 601 Tower is
strategically located at the intersection of Interstates 394 and 494, in one of
the strongest office markets in Minneapolis. The building is of quality
construction and is a well know landmark with its flame-cut, polished burgundy
granite and reflective glass exterior. The property offers amenities ranging
from prestigious event space, conference rooms and a gift shop, to a full
service cafe, concierge, and a 24-hour fitness facility. Additional information
on the asset can be found on the property website at www.601tower.com. The
property is being acquired at a purchase price of $75.0 million, which
represents a going-in capitalization rate of 7.50%. The acquisition is expected
to close on June 11, 2014.


On April 15, 2014, Artis closed on the acquisition of Hudson's Bay Centre, a
172,912 square foot, 20-storey office tower located in the Central Business
District of downtown Denver, Colorado. The property has access to two light rail
transit stops within half a block of the building, and is strategically located
on 16th Street Mall, a pedestrian only roadway, with immediate access to the
free 16th Street Mall Shuttle and minutes from Union Station. This Class A
office tower is currently 96.4% leased to a mix of tenants, from financial
services to oil and gas companies. The property has a weighted average lease
term to maturity of 3 years and with in-place rents significantly below current
market rates, it provides a remarkable opportunity for income growth as leases
roll to market. Additional information on the asset can be found at
http://flyers.cushmanwakefield.com/flyers/HBC-Brochure-2013.pdf. Artis acquired
a 50% interest in the property for a purchase price of $20.8 million,
representing a capitalization rate of 6.00%. Artis' partner for the remaining
50% interest is MDC Realty Advisors USA Inc. ("MDC"), the same entity with which
Artis acquired 1700 Broadway, also located in Denver, Colorado. The purchase
price was financed by new 7-year mortgage financing in the amount of $10.6
million, bearing an interest rate of 3.76%.


On May 1, 2014, Artis closed on the acquisition of Estevan Shoppers Mall, a
129,732 square foot enclosed retail centre located in Estevan, SK. The property
is immediately adjacent to the Estevan Sobey's purchased by Artis in 2008, and
completes Artis' ownership of the entire retail centre. The property is 96.2%
occupied and leased to several national retailers including Dollarama L.P.,
Mark's Work Wearhouse Ltd., Peavey Industries Limited, FGL Sports Ltd. operating
as Sport Chek, and The TDL Group Corporation operating as Tim Hortons. The
purchase price of $10.1 million represents a going-in capitalization rate of
8.25% and includes approximately 6.0 acres of excess land for potential future
development. The property was acquired with cash on hand.


Artis is a diversified Canadian real estate investment trust investing in
office, industrial and retail properties. Since 2004, Artis has executed an
aggressive but disciplined growth strategy, building a portfolio of commercial
properties in Canada and the United States, with a major focus on Western
Canada. As of today's date, Artis' commercial property comprises approximately
25.0 million square feet of leasable area. At March 31, 2014, actual
period-to-date Property Net Operating Income ("Property NOI") by asset class was
approximately 24.7% retail, 51.5% office and 23.8% industrial. Property NOI by
geographical region was approximately 8.3% in British Columbia, 38.7% in
Alberta, 5.6% in Saskatchewan, 12.2% in Manitoba, 12.6% in Ontario and 22.6% in
the U.S.


The Toronto Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this press release.


This press release contains forward-looking statements. For this purpose, any
statements contained herein that are not statements of historical fact may be
deemed to be forward-looking statements. Particularly, statements regarding the
REIT's proposed future property acquisition and other intended uses of proceeds
are forward-looking statements. Without limiting the foregoing, the words
"expects", "anticipates", "intends", "estimates", "projects", and similar
expressions are intended to identify forward-looking statements. Artis is
subject to significant risks and uncertainties which may cause the actual
results, performance or achievements of the REIT to be materially different from
any future results, performance or achievements expressed or implied in these
forward-looking statements. Such risk factors include risks associated with the
proposed future property acquisition. Artis cannot assure investors that actual
results will be consistent with any forward-looking statements and Artis assumes
no obligation to update or revise such forward-looking statements to reflect
actual events or new circumstances. All forward-looking statements contained in
this press release are qualified by this cautionary statement.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Artis Real Estate Investment Trust
Mr. Armin Martens
President and Chief Executive Officer
1.204.947.1250
204.947.0453 (FAX)


Artis Real Estate Investment Trust
Mr. Jim Green
Chief Financial Officer
1.204.947.1250
204.947.0453 (FAX)


Artis Real Estate Investment Trust
Ms. Heather Nikkel
Director - Investor Relations
1.204.947.1250
204.947.0453 (FAX)
www.artisreit.com

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