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CAMDEV CORPORATION WINS NEW PROPERTY MANAGEMENT CONTRACT

 TORONTO, June 25 /PRNewswire/ -- At its annual general meeting in Toronto today, Camdev Corporation announced that its wholly-owned subsidiary, Camdev Properties Inc. has been awarded a contract by IKEA Properties Limited to re-position and manage the Pinecrest Shopping Centre in Ottawa.
 IKEA intends to expand the center and open an IKEA store in the area now occupied by Zellers.
 The 196,000 sq. ft. center currently has 40 tenants and is anchored by Zellers and Loblaws. It is situated at The Queensway and Pinecrest Road in west Ottawa.
 "We believe that we have certain competitive advantages in offering our management services to third parties," said Stanley Hartt, chairman, president and CEO. "We are actively seeking other management assignments in the hopes of expanding our portfolio of managed properties."
 Camdev Corporation is a Canadian, publicly held owner, developer and manager of commercial real estate properties, which include more than 3.1 million square feet of commercial and retail 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 under the symbol CVO.
 -0- 6/25/93
 /CONTACT: Monika Quinn of Camdev Corporation, 416-365-2508/
 (CVO.)


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

WB -- NY040 -- 5827 06/25/93 15:05 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
Words:219
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