Cagim Real Estate Corporation

Cagim Real Estate Corporation

August 20, 2007 10:23 ET

Cagim: Signature of a Letter of Intent to Enter Into a Joint Venture for a New Real Estate Development Project

QUEBEC CITY, QUEBEC--(Marketwire - Aug. 20, 2007) - The management of Cagim Real Estate Corporation (TSX VENTURE:CIM) is pleased to announce the signature of a letter of intent by its subsidiary, Complexe Lebourgneuf Inc. (the "Corporation"), to enter into a joint venture with the Urban Intensification Fund LP of Carttera Management Inc. ("UIF"), in order to develop commercial land located in the Lebourgneuf district of Quebec City (the "Property"). The Property, with an area of over 256 000 sq.ft., was acquired on April 11, 2007. In order to acquire an undivided interest in the Property, UIF has disbursed a first payment of $535,000 to the Corporation and will assume 50% of the existing mortgage. The Corporation intends to begin the construction of a commercial building of an area of approximately 200,000 sq.ft. in 2008, with a construction cost of over $20,000,000.

About Cagim Real Estate Corporation

Cagim Real Estate Corporation is listed on the TSX Venture Exchange 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 does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cagim Real Estate Corporation
    Mr. Denis Lepine
    Chief Financial Officer
    Cagim Real Estate Corporation
    Mr. Guy Boutin
    Leasing and Development Officer