CV REIT Announces Agreement To Acquire Commercial Properties.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 22, 1997--CV REIT, Inc. (NYSE: CVI) announced today that it had entered into an agreement for the acquisition by its wholly owned subsidiary of a commercial real estate management company and 11 commercial properties containing over 700,000 square feet with an assigned gross asset value in excess of $55 million.

The agreement, which resulted from the agreement previously announced, contemplates issuance of operating units by a newly formed partnership (of which the company's subsidiary will be the general partner) and assumption of debt, and is subject to satisfaction of various conditions, generally, and with respect to particular properties.

Mr. H. Irwin Levy, president of the financial advisor to CV Reit, stated that the acquisition of Drexel Realty Inc., the parent of Montgomery Group Affiliates of suburban Philadelphia, together with its management team headed by Louis Meshon, Sr., was the cornerstone of the agreement. With over 25 years of experience in management of commercial properties, Mr. Meshon is expected to become the chief operating officer of the subsidiary and chief executive officer of the company. The agreement has been approved by the board of directors of the company and is subject to shareholder approval. The closing is projected to take place in December 1997.

CONTACT: CV REIT, Inc.

H. Irwin Levy, 561/640-3100

or

Porter, Le Vay & Rose, Inc.

L.B. Stauffer, 212/564-4700