MAY29, 2007 – OTTAWA ON: 

Primecorp Commercial Realty Inc.'sMulti-Residential Investment Group, ledby Aik Aliferis and Sam Firestone, completed its mandate, in the sale ofOttawa's Controlex Multi-Residential Portfolio, at a price of $107 Million.Susan Purvis-Dent, CEO and founder of Controlex Corporation, says "Thesale was a strategic positioning for our current growth, this will allow us toenhance our other real estate holdings and pursue the development side of ourbusiness; the timing was opportune to capitalize on the current buoyantMulti-Family Market." "This is one of Ottawa's largestMulti-Residential Portfolio sales ever", says Aik Aliferis Broker/Partnerof Primecorp Commercial Realty. "This is another example of a recordgetting transaction, currently driven by the lack of available investment gradeopportunities in all Real Estate sectors across Canada and the Globe."

Thetransaction, which represents approximately 40% of Controlex's Real EstateInvestment Portfolio, consisted of the sale of 14 High-rise Apartmentproperties throughout the Ottawa Region to Timbercreek Asset Management, aNational Multi-Family Investment Company. Aliferis adds, "The Portfoliohas an excellent geographic mix throughout the Region; I cannot see another dealof this size and composition being made available in the Ottawa market."The recent amalgamation of Multi-Residential properties throughout Canada hascontinued to make it more and more difficult to acquire properties of this sizeand style in any major city. This acquisition is quite an achievement for TimbercreekAsset Management. Sam Firestone says, "This marks a Landmark trade in the NationalMulti-Family Market; with another 1,200 units falling into the hands ofconsolidators, such opportunities will continue to be scarce, it's a realpositive for the Timbercreek Group to be able to obtain such a Portfolio in theNation's Capital".

ThePortfolio consists of a total of 1,191 residential and 10 commercial units,strategically located throughout the Nation's Capital; from the Britannia areain the West End and the new upscale neighbourhood of Westboro Village onWellington to Ottawa's prestigious By-Ward Market and Sandy Hill and near the regalRothwell Heights Estates in Ottawa's East-end. Aliferis says, "This was areal win-win situation for both Timbercreek and Controlex. The current pricingallowed Controlex to rationalize the sale of its much sought after Multi-FamilyPortfolio. The profits will assist Controlex to actively develop other realestate throughout the Greater Ottawa Area. This opportunity provides TimbercreekAsset Management with the ability to substantially increase its NationalMulti-Residential Portfolio, while entering the prestigious OttawaMulti-Residential Market. This transaction makes Timbercreek one of Ottawa'slargest MultiFamily Landlords." Blair Tamblyn CEO of Timbercreek says,"Timbercreek is working hard to build a diversified portfolio ofMulti-Family Assets across Canada. We believe strongly in the underlying fundamentalsof Multi-Family Real Estate as an asset class going forward, and we arethrilled to be able to take advantage of an opportunity to expand our Portfoliointo a key market like Ottawa. The scale of the Controlex Portfolio allows usto immediately establish Timbercreek in the Ottawa area, and the specificassets provide a great opportunity to implement the "value-add"strategy that our management philosophy is based on."

Thistransaction exhibits Primecorp's continued leadership in the brokerage ofsophisticated investment transactions in the Canadian Real Estate Market.Primecorp has been involved in the sale of nearly 20,000 multi-residentialunits since its inception in 1998, with nearly 4,300 Units sold in the last 12months, with total transactions for 2006 exceeding C$588 Million. Primecorp isexpected to close over $200 Million in transactions by the end of June 2007.

Primecorp,led by its four founding partners, Aik Aliferis, Sam Firestone, Steve Lernerand Nicolas Pantieras, is a strategically focused Commercial Real Estate InvestmentBrokerage, Management and Advisory Firm. The firm has completed in excess ofC$2 Billion in Real Estate transactions with Private and InstitutionalInvestors, Public Corporations, REITS and International Investment Groups, inover 30 markets across Canada.

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