Strathallen Retail Property Fund LP No. 1

In June 2005, Strathallen Capital Corp. announced the formation of Strathallen Retail Property Fund LP No. 1 (SRPF 1), an investment vehicle comprised of major Canadian Pension Fund investors to be managed by Strathallen.   This fund was closed in July 2005.

We pursue the mandate of the SRP Fund to invest in grocery and/or drug anchored retail properties in Canadian markets. The portfolio is to have a stable of core properties and will include a value-add component for yield enhancement. Over the investment period the SRP Fund will have capacity to acquire in excess of $200 million in assets.

On behalf of the SRP 1 Fund, Strathallen is currently pursuing several projects which fall within its buying parameters and to-date there are 13 projects in the Fund.