Urbanfund Corp. Announces Completion of Acquisition of a 10% Interest in 10 Multi-Family Residential Buildings Containing 1,8...

Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX
VENTURE:UFC) ("Urbanfund" or, the "Company"), announced today that Urbanfund
completed its acquisition of 10% of an 1,870 unit multi-family residential
portfolio located in Quebec City and Montreal, Quebec.


The total purchase price for the 10% purchase was $7,197,498 (representing an
agreed purchase price of $7,225,000 prior to customary adjustments). The average
"going in" capitalization rate of this transaction is estimated at 6.40%. Most
of the properties included in the transaction have existing mortgages at
competitive market rates. Of the 1,870 units, 312 are located in Montreal with
the remainder in Quebec City.


The remaining 90% of the multi-family residential portfolio continues to be
owned by Westdale Construction Co. Limited. Urbanfund has entered into a joint
venture agreement with Westdale with regard to their respective interests in the
property portfolio. Mr. Ronald S. Kimel, the Chairman and a director of
Urbanfund, is the principal shareholder of Westdale. Property management will be
performed by La Corporation Headway Ltee which is owned 10% by Urbanfund and 90%
Westdale.


Satisfaction of the purchase price will be through a combination of $4,000,000
in cash and $3,197,498 vendor take-back mortgage at 4.5%.


Urbanfund Corp. is a Toronto-based real estate development and operating
company. Urbanfund Corp. is a TSX Venture exchange listed real estate company
based in Toronto. The Company's common shares trade under the symbol UFC on the
TSX Venture Exchange. Urbanfund's focus is to identify, evaluate and invest in
real estate or real estate related projects. The Company's assets are located in
Belleville, London and Toronto, Ontario. The Company's strategy going forward
remains committed to seek accretive real estate or real estate-related
opportunities.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Urbanfund Corp.
Mitchell Cohen
President & CEO
[phone]x1025