St. John's, NL - (September 18, 2001) 

Fortis Properties Corporation, a leading owner and manager of real estate and hotels throughout Atlantic Canada, announced today that it has acquired from Atlantic Shopping Centers Ltd. a portfolio of properties in downtown St. John’s, Newfoundland for a purchase price of $8.3 million.

The major asset in the portfolio is the 96,300 square foot Class A office property known as TD Place. The investment increases Fortis Properties real estate holdings in downtown St. John’s and also includes the 14,716 square foot office property at 155 Water Street and six parcels of land used for parking. The properties are located in proximity to existing company holdings, including the Fortis Building, further consolidating the Company’s real estate interests in downtown St. John’s.

“Fortis Properties continues to look for sound investment opportunities throughout Atlantic Canada. TD Place and the related properties are a good fit for our portfolio and provide future in the strengthening St. John’s market, “ remarked John Walker, President and Chief Executive Officer, Fortis Properties Corporation. “ This purchase adds to downtown holdings and positions the company for future development opportunities as the market permits.”

Fortis Properties Corporation is involved in the ownership and management of office buildings, shopping centers and hotels throughout Atlantic Canada. The Company owns and manages 2.3 million square feet of commercial real estate and seven hotels under various brands throughout Atlantic Canada. Landmark properties include the Fortis Building, Fort William Building and TD Place in St. John’s, Newfoundland, the Maritime Centre in Halifax, Nova Scotia, Blue Cross Centre in Moncton, New Brunswick and Brunswick Square in Saint John, New Brunswick. Hotel properties include Holiday Inn St. John’s, Mount Peyton (Grand Falls-Windsor), and Holiday Inn Corner Brook in Newfoundland, Days Inn Sydney, Delta Sydney, and Four Points by Sheraton Halifax in Nova Scotia, and the Delta Brunswick in Saint John, New Brunswick.

Its parent company, Fortis Inc. is listed on the Toronto Stock Exchange and trades under the ticker symbol FTS.

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