Canderel Acquires Ironwood Professional Building in Edmonton, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2012) - Canderel announced today that it has acquired the Ironwood Professional Building, in Edmonton Alberta. This 83,995 square foot office building located downtown represents Canderel's latest expansion within Western Canada. Bryce Margetts, VP Western Canada said, "We have a great deal of confidence in the Edmonton office market and with vacancy rates easing and rental rates starting to rise, we felt this was the right time to invest there".

The Ironwood Building, located at 10050 112th Street NW, is a 10 story office tower with approximately 12% vacancy. It is located in the Oliver District, just west of the financial core and close to the Alberta Legislature.

Canderel is evaluating other transactions in Alberta at this time.

ABOUT CANDEREL

The Canderel Group of Companies is comprised of several fully integrated, commercial real estate companies with its headquarters in Montreal. Since 1975, Canderel has grown to become one of the most successful real estate development and management organizations in eastern Canada. Founded by Jonathan Wener, Canderel has established an enviable reputation for its integrity as a major real estate development company and for its sound judgment and knowledge of the commercial, multi-residential and industrial real estate business.

Over the years, Canderel has been intimately involved in all aspects of commercial property development, including land assembly, acquisition and disposal, planning, design, construction, project management, leasing, finance, and property and asset management. The group's principal development activities are in the office, commercial, industrial and residential markets of Montreal, Ottawa, Toronto, Edmonton and Vancouver, in Canada. Canderel's success to date is largely a reflection of its unique ability to direct all facets of real estate projects, either on its own behalf, for its clients, or in joint venture with partners.