Bird Construction Income Fund announces commercial close on $93 Million Youth Justice Facility Project


    TORONTO, March 20 /CNW/ - Bird Construction Income Fund ("Fund")
announced that Bird GTAYC Inc., a special purpose entity owned indirectly by
the Fund, has achieved commercial close on the Youth Justice Facility Brampton
project. This $93 million build-finance project is being constructed for
Infrastructure Ontario ("IO") as agent for the Province of Ontario. The value
of the project is subject to adjustment to reflect changes in the underlying
base interest rate prior to financial close. Bird GTAYC Inc. was established
for the purpose of building this project as well as securing interim
construction financing. The project is scheduled to be completed in the second
quarter of 2009. Payment for the work is due from IO upon substantial
completion. Bird GTAYC Inc. has arranged debt financing from a lending group
led by CIT Group Securities (Canada) Inc. to fund monthly construction draws
prior to substantial completion. In the event of default, the lending group
has no recourse against the Fund or any of its subsidiaries or partnership,
other than Bird GTAYC Inc. Financial close of the project is expected to be
achieved by late April, 2007. The Fund will consolidate Bird GTAYC Inc. in its
consolidated financial statements.

    This press release contains forward-looking statements that involve a
number of risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. Many factors could cause actual
results and developments to differ materially from those expressed or implied
by these forward-looking statements.

    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this release.

For further information:

For further information: P.A. Charette, Chairman and C.E.O., Bird
Construction Company Limited, as Administrator of Bird Construction Income
Fund, 5405 Eglinton Avenue West, Suite 206, Toronto, Ontario, M9C 5K6, Phone:
(4l6) 620-7122, Fax: (416)620-1516

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