Sterling Centrecorp Inc. announces the third closing of US Land Fund

    Listed TSX: SCF (Sterling Centrecorp Inc.)

    TORONTO, March 6 /CNW/ - Sterling Centrecorp Inc. (TSX: SCF) today
announced that a subsidiary of the Company has completed the third closing of
the sale of limited partnership interests in The Sterling Land and Shopping
Center Development Fund II (the "Fund"). In connection with the closing,
commitments to purchase an aggregate of approximately US$48.0 million of
limited partnership units were subscribed for, including a subscription by the
Company to purchase approximately US$1.46 million of limited partnership
units. Investors advanced 10% of their subscribed capital on the closing.
Total commitments to the Fund are now an aggregate of approximately
US$134.7 million. Affiliates of the Company have been retained by the Fund to
provide management, leasing and other real estate services at market rates.
    The Fund was created to acquire larger tracts of land in targeted growth
markets in the United States which are suitable for the development of
shopping centre and other retail and commercial uses, and where development
activity is generally expected to commence a minimum of two to four years from
the date of acquisition.

    Except for historical information, this press release contains
forward-looking statements, which reflect the Company's current expectation
regarding future events. These forward-looking statements involve risks and
uncertainties, which may cause actual results to differ materially from those
statements. Those risks and uncertainties include, but are not limited to,
changing market conditions, and other risks detailed from time-to-time in the
Company's ongoing quarterly filings, annual information form, and annual
reports. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. In light of these risks, uncertainties and assumptions,
the forward-looking events in this press release might not occur.

    About Sterling Centrecorp Inc.

    Sterling Centrecorp Inc. is a North American real estate investment and
management services company specializing in the retail property sector, which
is traded on the Toronto Stock Exchange. Sterling, through its North American
platform, uncovers and secures real estate opportunities and then aligns
itself with strategic financial partners to maximize returns for all parties.
    The Company has offices located in Toronto, Edmonton, and Montreal, and
its U.S. subsidiary has offices located in West Palm Beach, Charlotte, Dallas,
San Antonio, and Scottsdale.
    Additional Company information is available on the Internet at:

    %SEDAR: 00001115E

For further information:

For further information: Sterling Centrecorp Inc. - Media contact:
Mansfield Communications Inc., Kate Langan kate@mcipr, Telephone: (416)
599-0024; Sterling Centrecorp Inc. - Company contacts: A. David Kosoy,
Co-Chairman & Co-Chief Executive Officer, (561) 835-1810; John W.S. Preston,
Co-Chairman & Co-Chief Executive Officer, (561) 835-1810; Robert S. Green,
President & Chief Operating Officer, (905) 477-9200; Carol Taccone, Executive
Vice-President & Chief Financial Officer, (905) 477-9200; Executive Office:
Sterling Centrecorp Inc., 2851 John Street, Suite One, Markham, Ontario, L3R
5R7, Telephone: (905) 477-9200, Facsimile: (905) 477-7390; U.S. Head Office:
Sterling USA, Inc., One North Clematis Street, Suite 305, West Palm Beach,
Florida, 33401, Telephone: (561) 835-1810, Facsimile: (561) 833-4118;
Registered Office: Sterling Centrecorp Inc., 123 Edward Street, Suite 703,
Toronto, Ontario, M5G 1E2, Telephone: (416) 593-4093, Facsimile: (416)

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