-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KR9SAJSL+nt7iq4Q0bsgguNByXXmLht0thuuHjzSxhQDWiiccj5w0Q3wPzlvhJfT
 ysxk3evtfg5lBysldqRSQQ==

<SEC-DOCUMENT>0001472557-09-000001.txt : 20090921
<SEC-HEADER>0001472557-09-000001.hdr.sgml : 20090921
<ACCEPTANCE-DATETIME>20090921154800
ACCESSION NUMBER:		0001472557-09-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090921
DATE AS OF CHANGE:		20090921
EFFECTIVENESS DATE:		20090921

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dundee Real Estate Investment Trust
		CENTRAL INDEX KEY:			0001472557
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-134594
		FILM NUMBER:		091078828

	BUSINESS ADDRESS:	
		STREET 1:		STATE STREET FINANCIAL CENTRE SUITE 1600
		STREET 2:		30 ADELAIDE STREET E.
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 3H1
		BUSINESS PHONE:		1-416-365-3535

	MAIL ADDRESS:	
		STREET 1:		STATE STREET FINANCIAL CENTRE SUITE 1600
		STREET 2:		30 ADELAIDE STREET E.
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 3H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001472557</cik>
        <entityName>Dundee Real Estate Investment Trust</entityName>
        <issuerAddress>
            <street1>STATE STREET FINANCIAL CENTRE SUITE 1600</street1>
            <street2>30 ADELAIDE STREET E.</street2>
            <city>TORONTO</city>
            <stateOrCountry>A6</stateOrCountry>
            <zipCode>M5C 3H1</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>1-416-365-3535</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>ONTARIO, CANADA</jurisdictionOfInc>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>J.</middleName>
                <lastName>Cooper</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mario</firstName>
                <middleName></middleName>
                <lastName>Barrafato</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>J.</firstName>
                <middleName>Michael</middleName>
                <lastName>Knowlton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joanne</firstName>
                <middleName></middleName>
                <lastName>Ferstman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>G.</middleName>
                <lastName>Goodall</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gunther</firstName>
                <middleName></middleName>
                <lastName>Bautz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Detlef</firstName>
                <middleName></middleName>
                <lastName>Bierbaum</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Donald</firstName>
                <middleName>K.</middleName>
                <lastName>Charter</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>A.</middleName>
                <lastName>Crossgrove</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>J.</middleName>
                <lastName>Goodman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ned</firstName>
                <middleName></middleName>
                <lastName>Goodman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Duncan</firstName>
                <middleName></middleName>
                <lastName>Jackman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName></middleName>
                <lastName>Tweedy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>State Street Financial Centre, Ste. 1600</street1>
                <street2>30 Adelaide Street East</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M5C 3H1</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Over $100,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-09-09</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>TD Securities (USA) LLC</recipientName>
                <recipientCRDNumber>18476</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>31 West 52nd Street</street1>
                    <street2></street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10019-6101</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>6815190</totalOfferingAmount>
            <totalAmountSold>6815190</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>6</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>272607</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Dundee Real Estate Investment Trust</issuerName>
                <signatureName>/s/Mario Barrafato</signatureName>
                <nameOfSigner>Mario Barrafato</nameOfSigner>
                <signatureTitle>Senior Vice President and Chief Financial Officer</signatureTitle>
                <signatureDate>2009-09-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----