OTTAWA, Oct. 4 /CNW Telbec/

Primecorp Commercial Realty Inc. Advises on $126.3M Multiple Portfolio Sale of Canadian Apartment Properties

Primecorp Commercial Realty Inc. ("Primecorp") announced today that it has acted as advisor to Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT") and Transglobe Property Management Services ("Transglobe") in relation to the sale of 16 multi-residential properties containing 1,203 units, located in Ontario and British Columbia.

CAP REIT, one of Canada's largest residential landlords, purchased from Transglobe a portfolio of two luxury and one mid-tier apartment properties situated in British Columbia's Greater Vancouver Area containing a total of 406 rental suites at a price of approximately $56.0 million. The transaction closed on September 30, 2005.

In a related transaction, CAP REIT has agreed to sell to Transglobe, one of Canada's fastest growing real estate companies, a portfolio of thirteen non- core apartment complexes in Ontario, including eleven in the Greater Toronto Area ("GTA") and the remainder outside the GTA, aggregating 797 suites, with closing expected to occur in mid December 2005. The total sale price will be approximately $70.3 million. The purchaser has waived due diligence, subject to normal closing conditions.

This acquisition demonstrates both CAP REIT's and Transglobe's desire for strategic growth within the Canadian multi-residential markets. The transaction was led by Principals Sam Firestone and Aik Aliferis, Primecorp's Multi-Residential Investment Group, and marks one of the largest 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. Primecorp's Multi-Residential Investment Group has been involved in the sale of over 14,500 multi-residential units since its inception in 1998, with nearly 4,000 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, Nicolas Pantieras, Steve Lerner, 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.