Gulf & Pacific Equities Corp. Announces Sale of Valley Centre Mall for $11 million

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED
STATES


Gulf & Pacific Equities Corp. (the "Company") (TSX VENTURE:GUF) (Previous Close:
$0.15) an established company focused on the acquisition, management and
development of anchored shopping centres in Western Canada, is pleased to
announce an agreement to sell the Valley Centre Mall, in Whitecourt, Alberta to
Balmoral Shopping Centres Ltd. or its designate (the "Purchaser") for gross
proceeds of $11,000,000.00. 


The Purchaser has now waived all conditions with respect to an Agreement of
Purchase and Sale for the Whitecourt mall property and the anticipated closing
date for the transaction is October 17, 2011. 


"We are pleased to monetize one of our properties at this time," said Anthony
Cohen, President and CEO. "The funds from the sale will help to crystallize some
of the value in the Company for our shareholders. As well, this will allow
management to deploy the funds to other opportunities across North America."


The proceeds from the sale, net of the mortgage and closing costs, are expected
to be approximately $0.41 per share to the Company.


As reported on August 25, 2011, the Company reported funds from operation of
$0.04 per share for the six months period ending June 30, 2011. During this
period, the Company reported a shareholders' equity of $11,055,376 with
8,861,618 shares outstanding. 


"We are pleased to unlock some of the value of the Company," said Cohen.

Details of the second quarter financial results for fiscal 2011 and 2010 under
International Financial Reporting Standards (IFRS), and the audited year ended
2010 financial statements are available at www.sedar.com or at the company's
website www.gpequities.com. 


About Gulf & Pacific Equities Corp.

Gulf & Pacific Equities Corp. was incorporated under the laws of the Province of
Alberta on April 8, 1998 and thereafter completed a public offering of common
shares by prospectus dated June 26, 1998 (TSX VENTURE:GUF).


The Company acquires, manages and develops anchored shopping malls in rural
centres in Western Canada, in particular Alberta. Gulf & Pacific targets
smaller, but rapidly growing hub communities that have hospital, high school,
police station and retail/service infrastructure. Management has consistently
reinvested cash flow to improve and grow its portfolio of income properties. 


Gulf & Pacific Equities Corp. currently owns five, well-located retail assets
located in Three Hills, Whitecourt, St. Paul and Cold Lake Alberta, as well as
in Merritt B.C.


Cautionary Statements

This news release contains "forward-looking statements", within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and similar
Canadian legislation, concerning the business, operations and financial
performance and condition of Gulf & Pacific Equities. Forward-looking statements
include, but are not limited to, statements with respect to the benefits of the
offering and option transaction. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are based on the opinions
and estimates of management as of the date such statements are made, and they
are subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of Gulf
& Pacific Equities to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to risks related to:
economic conditions in Western Canada, interest rates, raising less than the
required capital; not realizing on the anticipated benefits from the transaction
or not realizing on such anticipated benefits within the expected time frame;
and other risks of the real estate industry. Although management of Gulf &
Pacific Equities has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Gulf &
Pacific Equities does not undertake to update any forward-looking statements
that are incorporated by reference herein, except in accordance with applicable
securities laws.