Revenue Properties announces engagement of financial advisor

TORONTO, April 23 /PRNewswire-FirstCall/ -- Revenue Properties Company Limited (TSX: RPC) announced today that the Special Committee of its board of directors has engaged Blair Franklin Capital Partners Inc. as its financial advisor to assist the Special Committee in its evaluation of, and to prepare the valuation required by law in connection with, the previously announced offer by Morguard Corporation to acquire all of the common shares of Revenue Properties not already owned by Morguard. Under the offer, Morguard intends to purchase the Revenue shares for a cash price of $12.00 per share or, at the option of each tendering Revenue Properties shareholder, 0.33 common shares of Morguard for each share of Revenue Properties. The Special Committee has also engaged Goodmans LLP as its independent legal advisor.

The Special Committee, which is composed of three independent directors, Jack Winberg, Bruce Simmonds and Wayne Mang, was formed to take all actions on behalf of the Revenue Properties board of directors with respect to the Morguard offer, including any actions that the Special Committee deems proper for the discharge of its duties. The board of directors of Revenue Properties authorized the Special Committee to consider and, as appropriate, negotiate the terms of the Morguard offer and to conduct such appraisals, valuations and other assessments as may be required, including the engagement of independent advisors. There can be no assurance that any agreement regarding financial and other terms satisfactory to the Special Committee or Revenue Property shareholders will result from the Special Committee's consideration of the Morguard offer.

It is expected that Blair Franklin will deliver to the Special Committee its opinion with respect to the required valuation of Revenue Properties in approximately four weeks time.

Revenue Properties Company Limited is a real estate company whose primary focus in the acquisition, ownership and development of income producing properties in Canada and the United States. The Company's diversified portfolio includes approximately 4.5 million square feet of retail and office space as well as 3,414 residential apartment suites.

Source: Revenue Properties Company Limited

CONTACT: Revenue Properties Company Limited, Jack Winberg, Chairman of
the Independent Committee of the Board of Directors, (416) 444-7391

2008-04-23 19:33:43 0343838 PRNEWSWIRE