General Properties Ltd.

General Properties Ltd.

March 23, 2006 11:13 ET

General Properties Announces Conditions Waived on Office Building Sale

CALGARY, ALBERTA--(CCNMatthews - March 23, 2006) - General Properties Ltd. (TSX VENTURE:GPL) ("General Properties" or the "Corporation") announced today that the Purchaser of the Sherwood Place office building has waived all conditions and that the purchase and sale transaction is now unconditional. The sale by the Corporation of its co-ownership interest in the Sherwood Place office building had been previously announced on December 15, 2005.

Closing of the sale transaction is scheduled for April 30, 2006 with a final sale price of $31,800,000 ($7,950,000.00 Net GPL co-ownership interest). Subject to adjustments normal for the sale of real estate, commissions, closing expenses and repayment or assumption of existing debt by the purchaser, GPL expects net cash proceeds of approximately $3,950,000.00 from the sale transaction.

GPL expects to use the net proceeds to reduce existing debt, retire preference shares, for general corporate purposes, and for reinvestment as was previously announced.

General Properties Ltd. is listed on the TSX venture exchange under the symbol "GPL". The corporation develops residential real estate in Calgary, Alberta and subject to shareholder, regulatory, stock exchange and other approvals, proposes to acquire 2 Canadian private Corporations, Clear Hills Iron. Inc. and Peace River Energy Inc. which hold 832 square miles of metallic mines and mineral permits north of Worsely, Alberta as announced February 14, 2006.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Contact Information

  • General Properties Ltd.
    Robert B. Knight
    President and Director
    (403) 804-5200