Maplewood International REIT Provides Business Update and Announces Amendment to Distribution Policy

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Maplewood International Real Estate Investment Trust (the "REIT") (TSX
VENTURE:MWI.UN), provided a business update today that in addition to its equity
capital raising efforts in Canada, it is also currently pursuing the formation
of a new joint venture in Europe (the "New JV"), to be managed by the REIT, for
purposes of financing the property acquisitions previously disclosed by the REIT
in its press release dated February 24, 2014 (the "Initial Portfolio"), as well
as for financing other potential property acquisitions in the future. The REIT's
intention is to secure private institutional equity capital in Europe to invest
in the New JV, with the REIT participating as a co-investor.


"Europe has become the epicentre of global institutional real estate investing,
attracting the world's greatest share of inter-regional net capital flows. As
evidenced by the Initial Portfolio, the REIT is uniquely positioned to build a
strong platform in our initial target market of the Netherlands, based on our
investment theme of acquiring high-quality long-term leased properties that
generate high risk-adjusted investment returns," said Kursat Kacira, Chief
Executive Officer of the REIT.


Amendment to Distribution Policy

In alignment with the REIT's pursuit of various equity capital raising
initiatives in Canada and Europe to finance the Initial Portfolio, as well as to
support other potential property acquisitions in the future, the REIT's Board of
Trustees has amended its existing distribution policy to suspend monthly cash
distributions to unitholders, effective immediately. This will enable the REIT
to retain available free cash flow and to redeploy its working capital towards
property acquisition opportunities. The REIT's Board of Trustees will review the
distribution policy on an ongoing basis, with the intention to reinstate monthly
cash distributions at the appropriate time as additional equity capital is
raised to complete additional property acquisitions.


Description of the Initial Portfolio

As previously disclosed in its press release dated February 24, 2014, the REIT
has conditionally agreed to acquire (collectively, the "Acquisitions") four
high-quality office properties (collectively, the "Acquisition Properties") in
the Netherlands for an aggregate purchase price of approximately $85 million
(EUR55,725,000), subject to customary adjustments. The Acquisition Properties
are comprised of four single-tenant head office buildings located in or near the
primary urban markets of Amsterdam, Rotterdam and The Hague, with total gross
leasable area ("GLA") of approximately 254,552 square feet. The Acquisition
Properties include a flagship institutional grade building in Amsterdam with
approximately 145,980 square feet of GLA, constructed in 2008 and custom
designed by Atradius Credit Insurance, one of the world's leading credit
insurers, to serve as its new global head office and 100% leased for
approximately 9.3 years with an additional 15 years of lease renewal terms. All
buildings serve as head offices for leading multi-national companies, with
recognizable global brands and diversified across industries.


The REIT entered into the conditional agreements to acquire the Acquisition
Properties from three separate, unrelated, and arm's length vendors. The
aggregate purchase price for the Acquisition Properties represents an estimated
capitalization rate of approximately 8.2% and is expected to be satisfied by a
combination of approximately $39 million in cash and approximately $46 million
(EUR30,000,000) of new mortgage debt. The new mortgage debt available to the
REIT is non-recourse, has an interest rate of approximately 3.6%, a term to
maturity of 5 years, and an amortization period of 50 years.


The Acquisitions are subject to customary closing conditions, including
financing and TSXV approval.


Highlights of the Initial Portfolio



--  Overall occupancy of 100% and weighted average lease term of
    approximately 9.0 years 
--  All leases are net leases and include annual inflation indexed rent 
--  Exceptional estimated net operating income ("NOI") margin of
    approximately 91% 
--  Attractive estimated capitalization rate of approximately 8.2% 
--  Modern buildings with an average construction age of approximately 5.1
    years 
--  Compelling investing spread to the REIT of approximately 460 basis
    points based on the new mortgage debt available with an interest rate of
    approximately 3.6% 
--  Conservative leverage profile for the REIT, with expected pro forma
    total debt to gross book value ("GBV") of approximately 54% 
--  Strong estimated interest coverage ratio for the REIT of approximately
    4.3x



About Maplewood International REIT

The REIT is an unincorporated, open-ended real estate investment trust
established under the laws of the Province of Ontario. The REIT is a Canadian
based growth-oriented international REIT, established to invest in high-quality
income producing commercial real estate outside of Canada. The REIT's initial
geographic focus is on the investment grade countries of Europe, with an initial
target market of the Netherlands. The REIT's mission is to provide Canadian
investors with high-quality international real estate diversification and
deliver stable, sustainable, and growing cash flows to unitholders, on a
tax-efficient basis.


About the Netherlands

The Netherlands, one of the core founding members of the European Union and the
Eurozone, enjoys an elite investment grade credit rating (Fitch: AAA, Moody's:
Aaa, S&P: AA+). The Netherlands has a strong economic position within Europe and
globally, ranked as the 3rd highest gross domestic product ("GDP") per capita in
the Eurozone and the 5th largest economy by GDP in the Eurozone, both according
to the International Monetary Fund (World Economic Outlook Database, April
2013).


Forward-Looking Information

This news release may contain forward-looking information within the meaning of
applicable securities legislation. 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 the REIT's control, which could cause actual results
and events to differ materially from those that are disclosed in or implied by
such forward-looking information. 


The REIT's objectives and forward-looking statements are based on certain
assumptions, including that (i) the REIT will receive financing on favourable
terms; (ii) the future level of indebtedness of the REIT and its future growth
potential will remain consistent with the REIT's current expectations; (iii)
there will be no changes to tax laws adversely affecting the REIT's financing
capacity or operations; (iv) the impact of the current economic climate and the
current global financial conditions on the REIT's operations, including its
financing capacity and asset value, will remain consistent with the REIT's
current expectations; (v) the performance of the REIT's investments in the
Netherlands will proceed on a basis consistent with the REIT's current
expectations; and (vi) capital markets will provide the REIT with readily
available access to equity and/or debt. 


The forward-looking statements made in this press release relate only to events
or information as of the date hereof. Except as required by applicable law, the
REIT undertakes no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or otherwise,
after the date on which the statements are made or to reflect the occurrence of
unanticipated events.


Non-IFRS Financial Measures

Certain terms used in this press release such as NOI and capitalization rate are
not measures defined under International Financial Reporting Standards ("IFRS")
as prescribed by the International Accounting Standards Board, do not have
standardized meanings prescribed by IFRS, and should not be construed as
alternatives to profit/loss, cash flow from operating activities or other
measures of financial performance calculated in accordance with IFRS. NOI and
capitalization rate as computed by the REIT may differ from other issuers'
methods and accordingly may not be comparable to measures used by other issuers.


NOI is a measure of operating performance based on income generated from the
properties of the REIT. Management considers this non-IFRS measure to be an
important measure of the REIT's operating performance and uses this measure to
assess the REIT's property operating performance on an unlevered basis.


The TSXV has neither approved nor disapproved the contents of this press release.

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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Maplewood International REIT
Kursat Kacira
Chief Executive Officer
(905) 361-6818
kkacira@maplewoodreit.com


Maplewood International REIT
Kimberly Tam
Chief Financial Officer
(905) 361- 6828
ktam@maplewoodreit.com
Maplewood International ... (TSXV:MWI.UN)
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