Homburg Invest Inc. begins construction of Phase II of 333 Sherbrooke East in Montréal

    Shares issued:  Class A - 97,879,946      Class B - 31,514,782

    HALIFAX, March 15 /CNW/ - (TSX: HII.A & HII.B and AEX:HII ) Homburg
Invest Inc., the Company presently in the process of acquiring the Alexis
Nihon Real Estate Investment Trust, announces that its affiliated Company,
333 Sherbrooke Street East L.P., has begun construction on Phase II of the
prestigious residential development project located at 333 Sherbrooke Street
East in downtown Montreal. The $35-million project will include 112 luxury
condominiums housed in a ten story tower and two five-story garden-plex
buildings with mountain views, nestled around a quiet courtyard. Occupancy is
scheduled for August 2008 and already more than 50% of the units have been
reserved in advanced sales.
    "We are proud to be associated with 333 Sherbrooke which is truly a
unique residential project in Montreal," said Richard Homburg, Chairman and
Chief Executive Officer of Homburg Invest Inc. "This is our first residential
development project in Montreal and has truly become a showcase for us,
blending beautifully with the area's heritage homes, magnificent architecture
and historic feel," added Mr. Homburg.
    333 Sherbrooke provides residents with an unparalleled location and an
incredible lifestyle experience. Interiors are stylish and airy, with
open-plan layouts, 10-foot ceilings and expansive windows with panoramic
views. Internationally renowned interior designer Andres Escobar has
reinterpreted the 'new' modern, utilizing noble materials including tactile
granite, smooth marble, delicate porcelain and exotic woods. Italian kitchen
cabinetry, elegant bathroom vanities and deep Japanese-style tubs take
contemporary elegance to new heights.
    The development features a private lobby, two fully equipped fitness
rooms with panoramic views of the city, and rooftop sundecks perfect for
summer barbecues. Certain condominiums even boast private elevators, rooftop
gardens and generous balconies. Residents will be sure to enjoy the suspended
swimming pool on the tenth floor, a stunning focal point that will link the
two towers.
    The partners of Homburg Invest in the project include SNS Property
Finance International of Amsterdam and Les Investissements F.P.S.E.C., a
company associated with Telemedia Ventures Inc. of Montreal.

    Homburg Invest Inc., 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: On this matter, please contact Mr. Richard
Homburg, Chairman and CEO, (902) 468-3395; For information on Homburg Invest
Inc., visit our website at www.homburginvest.com

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Homburg Invest Inc.

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