First Leaside Properties Fund Announces Fourth Closing



    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES/

    TORONTO, May 26 /CNW/ - First Leaside Management Inc., the manager of the
First Leaside Properties Fund (the "Fund"), and First Leaside Securities Inc.
are pleased to announce the completion of the fourth closing of the initial
public offering of the Fund. The Fund sold nil Class A Units, 804,153 Class B
Units and 344,325 Class C Units for total gross proceeds of $1,138,478.
    To date, the Fund has sold an aggregate of 48,736 Class A Units,
5,086,654 Class B Units and 1,763,157 Class C Units pursuant to the initial
public offering, for total gross proceeds of USD$48,736 and CDN$6,849,881. It
is anticipated that additional closings will occur until June 25, 2009.



    %SEDAR: 00028079E




For further information:

For further information: CEO of the Manager, David C. Phillips, (905)
852-1430, info@firstleaside.com

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FIRST LEASIDE PROPERTIES FUND

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