Counsel Corporation

Counsel Corporation

February 28, 2008 08:30 ET

Counsel Corporation Acquires Portfolio of Retail, Office and Industrial Properties in Brockville, Ontario

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2008) - Counsel Corporation (TSX:CXS) today announced that it has acquired, for its own account and on behalf of an investor, six income properties comprising approximately 170,000 sq. ft. of net rentable area on 19.6 acres. The acquisition also includes a 6.8-acre land parcel of which approximately 4 acres are available for future development. The portfolio is located in a newly developed retail node in Brockville, Ontario. The current occupancy level of the income properties is approximately 99%. The purchase price was approximately $13.3 million before closing and related costs, which is being financed with an $8.2 million, 10-year term, 20-year amortization, first mortgage at 5.47%. The initial unleveraged return for the income property portfolio is approximately 10%.

"This portfolio provides an excellent return on investment in a stable southern Ontario community," said Allan Silber, Counsel's Chairman and CEO. "Counsel will continue to focus on value creation opportunities in real estate."

About Counsel Corporation

Counsel Corporation (TSX:CXS) is a global asset management firm that actively partners with businesses to achieve shared success and to unlock value through leveraging our relationships, our access to capital and our strategic market experience. For further information, please visit Counsel's website at

Forward-Looking Statements

The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Counsel currently operates, but because of the factors listed herein, as well as other factors beyond Counsel's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in Counsel's securities and other regulatory filings.

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