Ottawa Trophy Apartment Property Sold by Primecorp Commercial Realty Inc.

    OTTAWA, June 26 /CNW Telbec/ - Primecorp, acting as Advisor, announces
the sale of the Sandringham Apartments, a 10-storey, 100 suite, high-rise
tower located at 85 Range Road for a sale price of $13 million.
    This Asset is strategically located in Ottawa's prestigious Sandy Hill
neighborhood. Located in a serene neighborhood the asset is close to many
amenities including schools, shopping and Ottawa's Byward Market.
    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 very pleased with the purchase of the Sandringham
Apartments. This is an excellent strategic acquisition complimenting our
existing Ottawa Portfolio."
    The Vendor was a private family who owned the asset for many years.
    Primecorp was instrumental in completing this strategic and very
complicated transaction.

    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,

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Primecorp Commercial Realty Inc.

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