Boardwalk Closes on Major Acquisitions.

CALGARY, ALBERTA--(BUSINESS WIRE)--May 27, 1997-- Boardwalk (TSE, Alberta Stock Exchange:BEI) Boardwalk Equities Inc. ("BEI" - TSE, ASE) is pleased to announce that effective May 26, 1997, it has successfully completed the purchase of a number of previously announced multi-family acquisitions totaling 1,883 units.

These closings form an integral part of the Corporation's fiscal strategy, significantly increasing the Company's portfolio and corresponding capital cost base prior to the May 31, 1997 year end. The closings were facilitated through a combination of prearranged interim financing with the Toronto Dominion Bank, cash on hand, the assumption of existing and new mortgage financing.

Details of these transactions include:

- The purchase of the F.J. McDaniels portfolio in Edmonton, Alberta, together with arm's length 50 percent interests in two projects, representing 1,271 units and a 101 room full service hotel for a total consideration of $55,410,000. The portfolio contains 1,079,922 square feet of net rentable area, excluding the hotel property.

- The purchase of a 188 unit stacked townhouse project in central northwest Calgary for $9,350,000, increasing Boardwalk's portfolio by 187,818 square feet.

- The purchase of a 156 unit townhouse project in central southwest Calgary for $10,200,000, consisting of 156 units containing 173,881 rentable square feet.

- A 118 unit concrete high rise building overlooking the Saskatchewan River Valley in central Edmonton, for $4,900,000, adding 71,281 square feet in net rentable area.

- A 150 unit garden apartment building containing 125,660 net rentable square feet in central, north Regina, for $4,870,000.

These purchases, with a combined value of approximately $85,000,000, demonstrate Boardwalk's presence in the Western Canadian multi-family marketplace. Boardwalk continues to explore new acquisition opportunities in major cities of Alberta and Saskatchewan, where regional economies are strengthening and overall vacancy rates are declining sharply.

Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition, management and ownership conversion of multi-family residential projects throughout Western Canada. The Company currently owns or has contracted to acquire over 8,200 residential units in major cities of Alberta and Saskatchewan, with total net rentable area of over 7,000,000 s.f. in its portfolio.

Fax back information service is also available at [phone]. Information can also be found on the Internet at http://www.bwalk.com . -0- The Toronto and the Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Boardwalk Equities Inc.

Sam Kolias, 403/531-9255

or

Boardwalk Equities Inc.

George Reti, 403/531-9255

or

Boardwalk Equities Inc.

Kevin Screpnechuk, 403/531-9255

or

Boardwalk Equities Inc.

Massimo Geremia, 403/531-9255