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CAMDEV ARRANGES REFINANCING AND SIGNS FINAL LEASING AGREEMENT ON JOURNAL TOWERS

 TORONTO, March 1 /PRNewswire/ -- Camdev Corporation and its wholly owned subsidiary, Camdev Properties Inc., today announced that they have signed a formal lease with Public Works Canada under which the Government of Canada will


continue to lease all of the space in Camdev's Journal Towers office buildings in downtown Ottawa for up to 12 years and four months. The lease has received approval from the treasury board.
 The agreement involves a complex tenant inducements package, under which Camdev agreed to grant Public Works Canada (PWC) a five-year extension of its lease for 583,000 square feet of office space in Tower "C" in Place de Ville,
occupied by Transport Canada. PWC also has exercised an option to lease five floors in Tower "A" in Place de Ville and to extend this lease for five years. The lease for Journal Towers will run for 10 years from the completion date by Camdev of a significant upgrading of the property. The 10-year period will commence on the earlier of Jan. 1, 1995 or the completion of the upgrading work and will end not later than Dec. 31, 2004.
 Camdev Corporation also announced that it has obtained commitments from its principal lenders to refinance a substantial portion of its outstanding debt. The commitments are subject to the completion of formal documentation and the fulfillment of certain other conditions.
 Camdev Corporation stated that the financing commitments provide for extended maturities of various term loans to dates in 1997 and now financings for capital expenditures related to the renewed leases of Journal Towers and to other projects. The principal amount of the debt involved is $326 million. The loans are secured by certain Camdev real estate properties and receivables, and the shares of Ralphs Supermarkets Inc., owned by Camdev Properties Inc.
 "The signing of these agreements extending most of Camdev's outstanding debt into 1997 with additional financing being provided for capital programs and operations is a significant accomplishment for the corporation. We were able to arrange this financing as a result of our efforts to obtain leases and extensions for a substantial portion of our real estate portfolio," said Stanley H. Hartt, chairman, president, and chief executive officer of Camdev Corporation.
 Camdev Corporation is a Canadian, publicly held owner and manager of commercial real estate properties, which include more than 3.1 million square feet of commercial and retail rentable space, of which approximately 2.3 million square feet is located in the National Capital region. The corporation's common shares are listed on the Toronto and Montreal stock exchanges (Symbol: CVO).
 -0- 3/1/93
 /CONTACT: Richard W. Wertheim of Wertheim & Company Inc., 416-594-1600, or home 416-276-6612, for Camdev Corporation/


CO: Camdev Corporation ST: Ontario IN: SU: FNC

LD -- NY008 -- 1209 03/01/93 08:30 EST
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Date:Mar 1, 1993
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