Sterling Centrecorp Inc. receives final approval of plan of arrangement

    Listed TSX: SCF (Sterling Centrecorp Inc.)

    TORONTO, June 14 /CNW/ - Sterling Centrecorp Inc. (TSX: SCF) (the
"Company") today announced that the Ontario Superior Court of Justice has
issued the final order approving the plan of arrangement involving, among
other things, the acquisition of all of the Company's outstanding common
shares by SCI Acquisition Inc. The arrangement is expected to be effective on
June 15, 2007.
    Under the terms of the plan of arrangement, the Company's shareholders
will receive $1.26 in cash for each common share.
    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:

    Executive Office:                  U.S. Head Office:
    -----------------                  -----------------

    Sterling Centrecorp Inc.           Sterling USA, Inc.
    2851 John Street, Suite One        One North Clematis Street, Suite 305
    Markham, Ontario L3R 5R7           West Palm Beach, Florida 33401
    Telephone: (905) 477-9200          Telephone: (561) 835-1810
    Facsimile: (905) 477-7390          Facsimile: (561) 833-4118

    Registered Office:

    Sterling Centrecorp Inc.
    123 Edward Street, Suite 703
    Toronto, Ontario M5G 1E2
    Telephone: (416) 593-4093
    Facsimile: (416) 593-0656

    %SEDAR: 00001115E

For further information:

For further information: Sterling Centrecorp Inc. - Media contact:
Mansfield Communications Inc., Hugh Mansfield,, 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

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