Homburg invest inc. announces joint venture in the United States

    Shares issued: Class A - 97,882,446  Class B - 31,514,782

    HALIFAX, April 2 /CNW/ - (TSX: HII.A & HII.B and AEX:HII) - Richard
Homburg, Chairman and CEO of Homburg Invest Inc. ("Homburg Invest") announced
that Homburg Invest, through its wholly owned U.S. subsidiary, has entered
into an agreement with Cedar Shopping Centers Inc. (NYSE:   CDR) ("Cedar"), a
U.S. real estate investment trust, as a joint venture partner to own nine
shopping centers presently owned or contracted to be owned and managed by
    Homburg Invest will acquire an 80% interest in the joint venture and
Cedar will acquire the remaining 20% interest. Cedar will remain as the
manager of the properties and will receive fees with respect to its
management. The joint venture is structured through U.S. limited partnerships
such that, at Homburg's election, it could sell a portion of its ownership to
individual investors in Europe. The agreement is subject to a 30 day due
diligence period.
    The properties, valued at approximately US $170 million, involve eight
shopping centers in Pennsylvania, including Cedar's recently-completed
ground-up shopping center development in Hershey, Pennsylvania, and one
property in Massachusetts. With respect to five of the properties, which are
anchored by Giant supermarkets, Cedar is in the process of completing that
purchase from Caldwell Development Corp., as announced by Cedar in December
2006. Aggregate existing and pending first mortgage financing on the joint
venture properties is estimated at approximately US $107 million. Homburg
Invest's asset value in the joint venture will be approximately US $136

    Cedar Shopping Centers, Inc. is a self-managed real estate investment
trust focused on supermarket-anchored shopping centers and drug store-anchored
convenience centers, which has realized significant growth in assets and
shareholder value since its public offering in October 2003. Cedar presently
owns and operates 99 of such primarily supermarket- and drug store-anchored
centers with an aggregate of approximately 10.2 million square feet of gross
leasable area, located in nine states, predominantly in the Northeast and
mid-Atlantic regions. Cedar also owns 16 development parcels aggregating
approximately 178 acres within the same geographic area.

    Homburg Invest, with its head office in Halifax, Nova Scotia, owns and
develops a diversified portfolio of quality real estate including office,
retail, industrial and residential apartment and townhouse properties
throughout Canada, the United States and Western Europe.

    Information and statements in this document, other than historical
information, should be considered forward-looking and reflect management's
current views of future events and financial performance that involve a number
of risks and uncertainties. Factors that could cause actual results to differ
materially include, but are not limited to, the following: general economic
conditions and developments within the real estate industry, competition and
the management of growth.

    Toronto Stock Exchange has neither approved nor disapproved of the
    information contained herein.
    %SEDAR: 00013330E

For further information:

For further information: Mr. Richard Homburg, Chairman and CEO,
(902)468-3395; Mr. Michael Arnold, CA, Vice Chairman, (902)566-1153;

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