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CAMDEV SIGNS LEASING AGREEMENT ON JOURNAL TOWERS

 CAMDEV SIGNS LEASING AGREEMENT ON JOURNAL TOWERS
 OTTAWA, Sept. 1 /PRNewswire/ -- Camdev Corporation


(TSE: CVO; Montreal) today announced that its wholly owned subsidiary, Camdev Properties Inc., has signed a memorandum of agreement with Public Works Canada under which the Government of Canada will continue to lease all of the space in the company's Journal Towers office buildings in downtown Ottawa. The Department of Communications is the principal occupant in the two 20-storey office towers which provide 649,000 square feet of rentable space for office, retail, and other uses.
 Under the agreement which will commence immediately, the lease will run until 10 years from the completion by Camdev of significant retro-fitting of the property in stages to be agreed between the parties. This work, which is to begin prior to March 1, 1993, is to be completed not later than Dec. 31, 1994. The agreement is subject to approval by the Minister of Public Works and the Treasury Board, as well as Camdev Corporation's board of directors.
 The agreement involves a complex 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 and PWC will exercise its option to lease five floors in Tower "A" in Place de Ville.
 "We are pleased to have been able to reach this satisfactory conclusion to our lengthy negotiations with Public Works Canada. We believe the entire agreement is at rates which are fair to both the Government of Canada and the investors in Camdev Corporation having regard to current market conditions. It will provide us with considerable stability in our key income-producing properties," said Jonathan J. Valiant, executive vice president 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 Ottawa, Ontario region. The corporation's common shares are listed on the Toronto and Montreal stock exchanges (Symbol: CVO).
 -0- 9/01/92
 /CONTACT: Richard W. Wertheim of Wertheim Howe & Company Inc., 416-594-1600 or (home), 416-276-6612/
 (CVO.) CO: Camdev Corporation ST: Ontario IN: FIN SU:


TS -- NY021 -- 5305 09/01/92 09:52 EDT
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Publication:PR Newswire
Date:Sep 1, 1992
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