Primecorp Commercial Realty Inc. Announces $22,450,000 Sale in Ottawa, Ontario



    OTTAWA, April 22 /CNW Telbec/ - Primecorp, acting as Exclusive Advisor,
announced today the successful completion of its mandate to sell The
Arlington, an impressive 12-storey, 220 suite, high-rise tower located at 33
Banner Road.
    This Asset is well located in Ottawa's west end in a serene neighbourhood
surrounded by mature trees and lush park area, close to many amenities
including schools, shopping and restaurants with public transit at the door.
    The Purchaser was Homestead Land Holdings Limited, one of Canada's
largest privately held multi-residential companies. Founded in 1954 in
Kingston, Ontario, Homestead has grown to incorporate over 22,000 rental
suites in a geographically diverse portfolio. Mr. Alf Hendry, CEO of
Homestead, says, "We are excited and pleased we were the successful bidder of
the Arlington Building in Ottawa. We continue to grow our Portfolio through
these types of Acquisitions".
    On the entire sale transaction Mr. Hendry states, "The Primecorp team
made the process go very smoothly. They are one of the strongest Apartment
Brokers in Canada and the way they represented this asset sale only reinforces
that fact".
    The Vendor was a Canadian institutional investor represented by GWL
Realty Advisors (GWLRA). GWLRA is a leading real estate investment advisor
providing comprehensive asset management, property management, and specialized
real estate services to pension funds and institutional clients and with
collective assets under management exceeding $14.7 billion, with $11.9 billion
in North America.
    Primecorp's Apartment Team, lead by Aik Aliferis and Sam Firestone, were
very pleased with the results of the sale. Sales of core assets are still
commanding strong demand in the Canadian Apartment Market.

    Primecorp is an integrated multi-faceted real estate advisory group
leading the market with cutting edge technology in executing strategic and
market-leading transactions. Primecorp's founders Nick Pantieras, Steve
Lerner, Sam Firestone, and Aik Aliferis have transacted over $3.4 billon in
sales and more than 500 deals since the firms inception in 1998. They have
continued to be a major provider of advisory services to institutional,
corporate, and private clients with in-depth abilities in the multi-family,
retail, industrial, office, healthcare and retirement sectors.




For further information:

For further information: Media Relations: Aik Aliferis, 1.888.720.2020
ext 234; WWW.PRIMECORP.CA

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Primecorp Commercial Realty Inc.

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