OTTAWA, Sept. 29 /CNW Telbec/ -

Primecorp Commercial Realty Inc. Completes $40M Portfolio Sale of Portree Properties

Primecorp Commercial Realty Inc. announced today that it has completed its mandate, acting as advisor to the Vendor, Portree Properties, in the sale of its Ontario Portfolio.

The Portfolio consists of 4 high-rise luxury assets: Landmark Towers on prestigious Lakeshore Boulevard in Toronto, Centennial Towers in Oakville and Robinson Place in Hamilton. The Portfolio consists of 442 multi-residential suites and was purchased by Homestead Land Holdings Limited, Canada's largest privately held multi-family company. This acquisition demonstrates continued demand by investors to acquire strategically located investment assets within the Canadian market. The transaction was led by Principals Aik Aliferis and Sam Firestone of Primecorp's Multi-Residential Investment Group and marks one of the largest and most prestigious real estate transactions of the year.

This transaction exhibits Primecorp's continued success and ability to complete substantial investment transactions in the Canadian real estate market. With the sale of the Portree Portfolio, Primecorp has been involved in the sale of over 13,000 multi-residential units since its inception in 1998, with nearly 3,000 units sold in the last 12 months. In addition, Primecorp is set to close another C$100 Million in transactions by the end of 2005.

Primecorp, led by its four founding partners, Steve Lerner, Nicolas Pantieras, Sam Firestone and Aik Aliferis, is a strategically focused commercial real estate investment brokerage, management and advisory firm. The firm has completed in excess of C$1 Billion in real estate transactions with private and institutional investors, public corporations, REITS and international investment groups, in over 25 markets across Canada.