St. John's, NL - (April 16, 2002)

Fortis Properties Corporation, a leading owner/manager of office buildings and hotels throughout Atlantic Canada, announced today that it has acquired Kings Place in downtown Fredericton, New Brunswick from Fredericton Developments Ltd. for $27.675 million.

Located in the heart of Fredericton’s business district, Kings Place is a 289,437 square foot multi-use office and retail complex comprising of two office towers, the York Tower and the King Tower, retail area which connects the towers, and a 417 stall parkade. This purchase increases the company’s New Brunswick real estate holdings to 1,033,000 square feet, making Fortis Properties one of the largest office owner / operators in Atlantic Canada.

“Kings Place is a quality building in a stable commercial real estate market in New Brunswick. It is the largest mixed-use development in the Greater Fredericton area and one of the largest in the Maritime market,” remarked John Walker, President & Chief Executive Officer. “The acquisition positions the Company in three major cities in New Brunswick, and is consistent with Fortis Properties strategy to acquire quality, well leased downtown properties in the larger regional centers of Atlantic Canada. The purchase of Kings Place will have an immediate positive contribution to earnings ’’ stated Walker.

Fortis Properties Corporation is involved in the ownership of office buildings, shopping centers and hotels throughout Atlantic Canada. The Company owns 2.5 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, Cabot Place I and TD Place in Newfoundland & Labrador, the Maritime Centre in Nova Scotia, and Blue Cross Center, Brunswick Square and Kings Place in New Brunswick. Hotel properties include Holiday Inn St. John’s, Mount Peyton in Grand Falls-Windsor, and Holiday Inn Corner Brook in Newfoundland & Labrador, 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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