Realex Properties Corp. - Completes internalization of Asset Manager


    CALGARY, Jan. 23 /CNW/ - Realex Properties Corp. ("Realex") is pleased to
announce that it has completed its previously announced internalization of its
Asset Manager, Realex Asset Management Inc. ("RAMI"). RAMI provides asset and
property management services for all Realex properties except for property
management services to Realex's initial property portfolio. Pursuant to the
internalization transaction, Realex acquired all of the shares of RAMI for an
aggregate purchase price of $1.133 million, payable through the issuance of
790,446 Non-Voting Shares of Realex having a deemed price of $1.434 per share.
    Property management services for Realex's initial property portfolio will
continue to be provided by Realex Property Management Inc.

    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this news release. The TSX Venture Exchange does not accept
    responsibility for the adequacy or accuracy of this news release.

    This news release contains forward looking statements subject to various
significant risks and uncertainties which may cause actual results,
performances and achievements of Realex to be materially different from any
future results, performances or achievements, expressed or implied by such
forward looking statements. Realex cannot assure investors that actual results
will be consistent with these forward looking statements and Realex assumes no
obligation to update or revise them to reflect new events or circumstances.

For further information:

For further information: Marc Sardachuk, President and Chief Executive
Officer, Realex Properties Corp., Telephone: (403) 264-5889, Facsimile: (403)
264-5892; Mark Suchan, Chief Financial Officer, Realex Properties Corp.,
Telephone: (403) 264-5889, Facsimile: (403) 264-5892

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