Revenue Properties files Directors' Circular

    TORONTO, June 24 /CNW/ - Revenue Properties Company Limited (TSX: RPC)
announced today that it has mailed to shareholders the circular of its Board
of Directors in response to the June 10, 2008 offer by Morguard Corporation to
acquire all of the common shares of Revenue Properties not already owned by
Morguard for consideration per share of Cdn.$12.00 in cash or, at the option
of each tendering Revenue shareholder, 0.33 of a Morguard common share. In the
Directors' Circular, the members of the Board of Directors that are
independent of Morguard unanimously recommend to shareholders that they reject
the Morguard offer and not tender their shares thereto. A copy of the
Directors' Circular has also been filed with securities regulators in Canada
and may be found on the SEDAR website under Revenue's profile at

    Revenue Properties Company Limited is a real estate company whose primary
focus is the acquisition, ownership and development of income producing
properties in Canada and the United States. The Company's diversified
portfolio includes approximately 4.5 million square feet of retail and office
space as well as 3,414 residential apartment suites.

For further information:

For further information: Revenue Properties Company Limited, Jack
Winberg, Chairman of the Independent Committee of the Board of Directors,
(416) 444-7391

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