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CAMDEV SELLS REGIONAL SHOPPING CENTRE SITE IN KANATA

 OTTAWA, Canada, June 29 /PRNewswire/ -- Camdev Corporation today announced that its wholly owned subsidiary, Camdev Properties Inc., has sold a 97-acre site in the north west quadrant of the Kanata Town Centre to Penex Kanata Ltd.
 The property consists of undeveloped land and is bordered by the Queensway to the south, Campeau Drive to the north and Terry Fox Drive to the west. It is zoned as a regional shopping centre site.
 "The sale of the Kanata Town Centre regional shopping centre site is part of our asset disposition program and part of Camdev's continuing strategy to pursue the sale of non-core real estate assets, particularly vacant land, and to apply the proceeds to reduce outstanding debt," said Stanley H. Hartt, chairman, president and chief executive officer of Camdev Corporation.
 Penex Kanata Ltd. is a joint venture of Penequity Management Corporation, a pension fund syndicator, and Westeinde Fleming Developments Ltd., a real estate developer.
 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 (Symbol: CVO).
 -0- 6/29/93
 /CONTACT: Monika Quinn of Camdev, 416-365-2519/


CO: Camdev Corporation ST: Ontario IN: SU:

WB -- NY076 -- 6840 06/29/93 15:47 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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