TMX group

www.westfieldreit.ca
WFD.UN on the TSX-V
info(at)westfieldreit.ca

WINNIPEG, March 6 /CNW/ - Westfield Real Estate Investment Trust
(TSXV: WFD.UN) ("Westfield REIT") is pleased to announce that the acquisition
of the Northwest Centre I & II office complex closed on February 28, 2006.
This Calgary office property was acquired for $16.7 million (including
mortgage payout penalties). The average going-in unlevered return
("capitalization rate") on the acquisition was 7.3%. The purchase was
satisfied from the proceeds of a new $10.3 million mortgage (bearing interest
at a rate of 5.33%) and cash.
Northwest Centre I & II, constructed in 1981, is suburban office complex
located in Northwest Calgary on 16th Avenue (the TransCanada Hwy) close to the
Calgary Regional Hospital and the University of Calgary. Northwest Centre I &
II has two four-storey concrete and masonry buildings, connected by a multi-
level underground parkade. The parking ratio for the complex is better than
1:500.
Northwest Centre I & II is comprised of 77,553 square feet of gross
leasable area ("GLA") and is 100% occupied. Komex International, a national
engineering and consulting firm, occupies approximately 53% of the GLA on a
long term lease to 2011. The Calgary Health Region occupies another 31% of the
GLA on a lease ending in 2015. Both of these leases are subject to escalations
during the term.
"With the acquisition of Northwest Centre I & II, Westfield now owns over
633,000 square feet of office property in Calgary, the number one office
market in Canada. We are particularly pleased with this asset as the Northwest
Centre boasts 100% occupancy with a high component of national and government
tenants. Further revenue growth is expected to be realized from contract lease
escalations beginning in 2006", said Armin Martens, CEO.
To date, Westfield REIT has acquired $266.0 million of assets, or
1.97 million square feet of leasable area. There are currently 7,959,824 units
of Westfield REIT issued and outstanding.

Westfield REIT is a real estate investment trust listed as a Tier 2
issuer on the TSX Venture Exchange with the objective of acquiring and
maintaining a growing portfolio of properties with stable cash distributions.
Westfield REIT intends to focus on properties located in Western Canada,
particularly in the province of Alberta.

The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.

This press release contains forward-looking statements. Westfield REIT is
subject to significant risks and uncertainties which may cause the actual
results, performance or achievements of Westfield REIT to be materially
different from any future results, performance or achievements expressed or
implied in these forward-looking statements. Such risk factors include, but
are not limited to, risks associated with real property ownership,
availability of cash flow, general uninsured losses, future property
acquisitions, environmental matters, tax related matters, debt financing,
unitholder liability, potential conflicts of interest, potential dilution,
reliance on key personnel, changes in legislation and potential changes in the
tax treatment of trusts. Westfield REIT cannot assure investors that actual
results will be consistent with any forward-looking statement and Westfield
REIT assumes no obligation to update or revise such forward-looking statements
to reflect actual events or new circumstances.