CCP Reports Gross Revenue of R$ 24.4 Million in 1Q08

EBITDA in 1Q08 totals R$ 18.9 million with margin of 80.3%

SAO PAULO, Brazil, May 15 /PRNewswire/ -- Cyrela Commercial Properties S.A. Empreendimentos e Participacoes (Bovespa: CCPR3), one of the leading commercial property investment and leasing companies in Brazil, announces its results for the first quarter of 2008.

1Q08 Highlights

Net Revenue R$ 23.61 million
Gross Profit R$ 21.44 million
Gross Margin 90.8%
EBITDA R$ 18.95 million
EBITDA Margin 80.3%
NOI R$ 23.10 million
NOI Margin 97.6%
FFO R$ 9.08 million
FFO Margin 38.5%
Net Income R$ 7.46 million
Net Margin 31.6%

1Q08 Results Conference Call
Friday, May 16, 2008

English Conference Call Portuguese Conference Call
11:00 a.m. (US EST) 09:00 a.m. (US EST)
Phone: +1 (973) 935-8893 Phone: +55 (11) 4003-9004
Code: 45532334 Code: CCP

About Cyrela Commercial Properties:

CCP is one of the main commercial real estate investment and leasing companies in Brazil, with a focus on the development and acquisition for lease of high-end corporate buildings, shopping centers, warehouses and distribution centers. The Company also pursues opportunities to purchase, sell and resell commercial properties that, based on its experience and knowledge of the commercial real estate market, offer the potential for returns. The Company possesses a current leasable area of 179,000 sq.m, plus a further 198,000 sq.m under development, to be delivered in the coming years. In June 2007, the consultancy CB Richard Ellis evaluated the Company's portfolio at R$ 1.27 billion. CCP is listed on the Novo Mercado segment of the Bovespa.

First Call Analyst:
FCMN Contact:

Source: Cyrela Commercial Properties S.A. Empreendimentos e Participacoes

CONTACT: Cyrela Commercial Properties, +55 (11) 4502-3607,
ri@ccpsa.com.br

Web site: http://www.ccpsa.com.br/ir

2008-05-15 20:55:57 0363600 PRNEWSWIRE