| Fortis Properties Expands Real Estate Portfolio Acquisition of Aliant/Blue Cross Properties Strengthens Position in Atlantic Canada Fortis Press Release St. John's, Newfoundland, November 8, 2000 Fortis Properties Corporation announced today that it has entered into a purchase and sale agreement to acquire three large office properties in Atlantic Canada for a total of approximately $80,000 million. "These acquisitions include approximately one million square feet of commercial real estate representing Class 'A' office buildings in key regional markets in Newfoundland and New Brunswick," says John Walker, President and Chief Executive Officer, Fortis Properties. "These purchases are consistent with Fortis Properties business strategy to increase our real estate holdings in Atlantic Canada and position the company for further growth opportunities." Fortis Properties will acquire 10 Factory Lane, Aliant Inc.'s primary office accommodation in St. John's Newfoundland and Blue Cross Centre, located in Moncton, New Brunswick from Atlantic Blue Cross Care and Aliant. Fortis Properties also will acquire Aliant's interest in Brunswick Square Limited, located in Saint John, New Brunswick. Fortis Properties now owns 100% interest in Bruswick Square. This agreement is subject to due diligence and closing documentation, and is expected to be completed by the end of December. "Fortis Properties has been successful in securing long term lease agreements with Aliant and Blue Cross," adds Walker. "The agreements provide stable occupancy for these newly acquired properties, and expands the relationship between Aliant and Fortis that began in 1995 with the acquisition of MIT's head office in Halifax." "We are happy to partner with a strong Atlantic Canadian company in this transaction," said Frank Fagan Senior Vice President for Aliant Telecom. "This transfer reflects our longer term relationship with Fortis, under which they have increased their property management role, while Aliant has focussed on the growth and development of our technology based businesses." Fortis Properties, the primary vehicle for non-utility diversification for parent company, Fortis Inc., is involved in the ownership and management of office buildings, shopping centers and hostels throughout Atlantic Canada. Fortis Inc. is listed on the Toronto Stock Exchange and trades under the ticker symbol FTS. |