Montreal, October 3, 2001

The Canderel Group and the Redbourne Group with their partners the STCUM Régimes complémentaires de retraite and Deutsche Bank announced today their joint purchase of a suburban office portfolio with buildings located across the greater Montreal region valued at almost $37 million.

The Portfolio, comprised of four suburban office buildings totaling over 461,000 sq. ft., represents a strong presence in the primary Montreal suburban office markets. The properties acquired from GE Capital include:

-Esso Tower, a class A suburban office building located in the East End municipality of Anjou;

-Bell ExpressVu, a class A suburban office building located on the Trans Canada Highway in the West Island municipality of Dorval;

-Complexe Daniel-Johnson, a class A suburban office and retail property located in the City of Laval; and

-6205-6305 Auteuil Avenue, a suburban office property located in the South Shore municipality of Brossard.

"This is an important investment opportunity for us, part of the ongoing expansion of our management division," said Daniel Peritz, V.P. Development, Canderel. "This portfolio allows us to reinforce our presence in four major areas of the region, particularly in the East end of Montreal. Each of the buildings in the portfolio is at the high end of its respective market."

The Redbourne Group is a Montreal-based firm established in 1995. This growing real estate investment management company currently owns and/or manages over 2.5 million sq. ft. in the Montreal region.

The Canderel Group of Companies has offices in Montreal, Toronto, Dallas and Ottawa, and since 1975, has been active in the management and development of first-class real estate across Canada and the US. It has developed over 11 million sq. ft. of office, industrial, retail and residential space throughout North America and is currently overseeing development projects ranging from the new DaimlerChrysler headquarters in Windsor, Ontario, to the NorthTech Campus in Kanata, Ontario and the Pepsi Forum Entertainment Center in Montreal.