Oct. 11 /CNW Telbec/

Primecorp Commercial Realty Inc. closes $18M Apartment Sale, surpasses $250M in sales volume for 2005 OTTAWA

Primecorp Commercial Realty Inc. announced today that it has completed its mandate, advising on the $18 million sale of Mornington Apartments to Transglobe Property Management Services.

The property consists of three buildings totalling 386 condo title units hosting one and two bedroom suites and are situated in a highly attractive area of the City of London, Ontario. Transglobe is one of Canada's fastest growing real estate companies.

This transaction, representing Transglobe's 50th acquisition of 2005, demonstrates the company'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 in the City of London, Ontario. This transaction adds to Primecorp's record sales total for 2005, surpassing $250 million, and reinforces 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.

Primecorp, led by its four founding partners, Sam Firestone, Aik Aliferis, Nicolas Pantieras, and Steve Lerner, is a strategically focused commercial real estate investment brokerage, management and advisory firm. The firm has completed in excess of C$1.2 Billion in real estate transactions with private and institutional investors, public corporations, REITS and international investment groups, in over 25 markets.