Leben REIT announces acquisition of 6th & 7th properties - Corab Industrial portfolio



    CALGARY, June 21 /CNW/ - Leben REIT is proud to announce the purchase of
their sixth and seventh properties. These two properties are part of the Corab
Industrial portfolio and are located at 4609 Manitoba Road in Calgary and
1512/14 8th Street in Nisku Alberta. These properties are solely occupied by
Corab Services Ltd. a manufacturer of temporary accommodation structures (camp
trailers & prefabricated wood buildings). The properties provide excellent
cash flow and long term security. The financially strong tenant has just
signed a new five year lease at the Calgary property and a new ten year lease
at the Nisku property. The acquisition of these properties brings Leben REIT's
asset value to over $65 Million.

    
             ---------------------------------------------------
                                          Nisku         Calgary
             ---------------------------------------------------
              Year Built                   1980            1967
             ---------------------------------------------------
              Net Rentable Area   46,500 sq. ft   12,700 sq. ft
             ---------------------------------------------------
              Existing Income          $600,000        $120,000
             ---------------------------------------------------
              CAP Rate                    8.54%           7.25%
             ---------------------------------------------------


           CONSTRUCTION DETAILS - 1512/14 8th Street Nisku, Alberta
           --------------------------------------------------------
           Foundation:  Reinforced Concrete Slab
           Exterior:    Steel frame structure
           Roof:        Insulated roof deck with metal roofing
           Framing:     Structural Steel.
           Heat:        Ceiling suspended forced air units


           CONSTRUCTION DETAILS - 4609 Manitoba Road Calgary, Alberta
           ----------------------------------------------------------
           Foundation:  Reinforced Concrete Slab
           Exterior:    Concrete block, wood & steel frame structure
           Roof:        Insulated roof deck with built uptar
           Framing:     Structural Steel
           Heat:        Ceiling suspended natural gas fired heaters


        --------------------------------------------------------------
         Third Party Reports Commissioned by LEBEN REIT
         ----------------------------------------------

         Environmental Site Assessment-   Sabatini Earth Technologies
         Building Condition Assessment-   Pinchin Environmental
         Appraisal Report-                Colliers International
        --------------------------------------------------------------


       PORTFOLIO DETAILS
       -----------------
                           Acquisition   Purchase      Cap
       Name                Date          Price         Rate    SF
       --------------------------------------------------------------

       Panorama            Nov 30'06     $ 8,424,000   7.09%   22,897

       534 17 Ave SW       Dec 15'06     $10,540,000   7.07%   23,087

       Palisades           Feb 01'07     $15,376,000   7.04%   54,472

       441 5 Ave SW        Apr 12'07     $18,250,000   5.75%   54,846

       Fratello Building   May 1'07      $ 5,000,000   7.60%   44,491

       Corab I(Calgary)    May 28'07     $ 1,655,000   7.25%   12,700

       Corab II(Nisku)     May 28'07     $ 7,025,000   8.54%   46,500
    





For further information:

For further information: Stephen Van Die, BCOMM, Leben REIT, 910, 906
12th Ave SW, Calgary, Alberta, T2R 1K7, Phone: (403) 209-0959 x226, Cell:
(403) 819-5175, Fax: (403) 355-9125

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