Cagim Real Estate Corporation

Cagim Real Estate Corporation

April 16, 2007 15:51 ET

Cagim Real Estate Corporation: Signature of an Offer to Purchase Lombard, S.E.C.

QUEBEC CITY, QUEBEC--(CCNMatthews - April 16, 2007) - In partnership with Les Immeubles Perron Ltee, the management of Cagim Real Estate Corporation (TSX VENTURE:CIM) (the "Corporation") is pleased to announce the signature, by its subsidiary Palim Inc, of an offer to purchase the shares of Lombard, societe en commandite ("Lombard"). Pursuant to an agreement entered into between the parties, the acquisition price will not be divulged until the closing of the transaction, scheduled to take place in June 2007.

Lombard currently owns four (4) commercial properties, commonly known as Centre Ultramar, located at 909-A, 909-B, 909-C and 915 Pierre-Bertrand Boulevard, in Quebec City. Such properties, with an area of eighty-six thousand five hundred forty-eight square feet (86,548 sq.ft.) are rented out at ninety-nine percent (99%) by various businesses, of which certain businesses have been tenants since the construction of the properties fifteen (15) years ago. At the Centre Ultramar, one can find l'Entrepot du Hockey, Patiorama, Trevi Pools and Lessard Bicycles, to name a few.

This acquisition is part of the Corporation's strategic expansion plan and remains subject to a due diligence, financing and any regulatory approval which may be required.

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., Edifice Centre d'Affaires Le Mesnil Inc., Complexe Lebourgneuf Inc., Palim Inc., Place Donnacona Inc. and Place d'Affaires Lebourgneuf 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