GEC OAKRIDGE ACQUISITION LIMITED PARTNERSHIP

GEC Oakridge Acquisition Limited Partnership is involved in the development of the GEC Oakridge project, a highrise residential rental tower in Vancouver, BC. The project is located near the corner of Cambie Street and West 42nd Avenue, and a one-minute walk to the Oakridge SkyTrain station. The total development budget for the project is approximately $103 million. The project will be an 18 storey concrete highrise tower with the ability to provide accommodation of up to 475 beds to the public. GEC Oakridge II Limited Partnership received a conditional subscription from an overseas investment fund for an equity investment of US$8 million, which will be invested into GEC Oakridge Limited Partnership. The purchase price for three parcels of land was $30.3 million.