Construction/Building — February 17, 2009

In Griffintown - Devimco will realise an alternate project with a predominantly residential focus

    MONTREAL, Feb. 17 /CNW Telbec/ - Without sacrificing all of its original
$1.3 billion project in Griffintown, Devimco announced that, starting in 2010,
it will implement an alternate scenario that better responds to the new
economic and financial reality and that will conform to planning regulations
adopted in 2008.
    Devimco will focus its first investments in the southern part of the
territory.
    This revised project, which would be predominately residential and, to a
lesser extent, office space and shops, will occupy an area equivalent to 30%
of the original site. Full details of this new scenario will be made public
towards the end of 2009.
    Due to the economic situation, and especially due to difficult access to
bank financing, Devimco has informed the City of Montreal that it no longer
needs to acquire all the land within the original project boundary at this
time. Over the past two years, the Company has paid several million dollars in
guarantees to the current owners, who have agreed to sign purchase options.
    Devimco had completed its $210 million financial package for the purchase
of all the land on the site and the Company held options to purchase 87% of
area targeted by the Griffintown PPU. The deterioration of the economic
situation and the financial world has changed its plans.
    Devimco will work with municipal and environmental groups, as it always
has.

For further information: André Bouthillier, (514) 732-4114, (514)
895-0127

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