Cagim Real Estate Corporation

Cagim Real Estate Corporation

June 08, 2007 10:28 ET

Cagim Real Estate Corporation: Construction Begins on Place D'Affaires Lebourgneuf, Phase II

QUEBEC CITY, QUEBEC--(Marketwire - June 8, 2007) - Management of Cagim Real Estate Corporation (the "Corporation")(TSX VENTURE:CIM) is pleased to announce that its subsidiary, Palim Inc., in partnership with Les Immeubles Perron Ltee, has begun construction of Place d'Affaires Lebourgneuf, Phase II. Following the success of Place d'Affaires Lebourgneuf, Phase I ("Lebourgneuf I") last year, with a surface area of one hundred eighty-five thousand square feet (185,000 sq.ft.), this new commercial building of one hundred ten thousand square feet (110,000 sq.ft.) will be erected at 6700 Pierre-Bertrand Boulevard in the Lebourgneuf district of Quebec City, across from Lebourgneuf I.

This new project, with an approximate value of twelve million five hundred thousand dollars ($12,500,000), will have Canada Post occupy, for a fixed ten (10) year term, an area of thirty-two thousand five hundred square feet (32,500 sq.ft.), representing one third of the building. Having begun construction on May 22, the occupancy rate has already reached sixty percent (60%). The premises are scheduled for delivery to its first tenants in November 2007.

About Cagim

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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