Cagim Real Estate Corporation

Cagim Real Estate Corporation

September 08, 2008 16:03 ET

Cagim Closes a Temporary $18,950,000 Financing

QUEBEC CITY, QUEBEC--(Marketwire - Sept. 8, 2008) - Cagim Real Estate Corporation (TSX VENTURE:CIM) (the "Corporation") is pleased to announce the closing, by its subsidiary Complexe Lebourgneuf Inc. and in partnership with Urban Intensification Fund LP, of a CAD $18,950,000 transitory hypothecary loan with Hypotheques CDPQ Inc., through MCAP. This loan will have a variable interest rate of the CDOR monthly rate which appears daily on the Bloomberg index, plus 3,00% (300 basis points per year).

This financing was set up for the construction of Complexe Lebourgneuf, a building of more than 215,000 square feet, who will welcome its first occupants in May 2009. Major Tenants have already signed leasing agreements for more than 30% of the total area of the building.

About Cagim Real Estate Corporation

The Corporation is listed on the TSX Venture Exchange since September 21, 2004 and operates property management and acquisition activities through its subsidiaries ADG Immobilier Inc., Complexe Lebougneuf Inc. and Palim Inc.

The TSX Venture Exchange does not accept responsibility for the adequacy of this release.

Contact Information

  • Cagim Real Estate Corporation
    Mr. Guy Boutin
    Leasing and Development Officer