Urbanfund Corp. Provides Update on Previously Announced Proposed Acquisition of A 10% Interest in 10 Multi-Family Residential...

Urbanfund Corp. (TSX VENTURE:UFC) ("Urbanfund" or, the "Company"), provided
today an update on the previous announcement that Urbanfund had entered into a
conditional purchase agreement with an arm's length party for the acquisition of
10% of an 1,870 unit multi-family residential portfolio located in Quebec City
and Montreal, Quebec.


Urbanfund has completed due diligence to its satisfaction and has secured
regulatory requirements (including approval of the TSX Venture Exchange).
Urbanfund continues to work with the current lenders in order to secure their
approval of the transaction and this is expected by March 31st, 2013.


As such, completion of the transaction is expected to occur by the 3rd week of
April 2013. Satisfaction of the purchase price, which remains unchanged from
prior disclosure, will be through a combination of cash on-hand and a vendor
take-back mortgage at competitive rates.


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.


FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, which reflect
Management's expectations regarding the Company's completion of the proposed
acquisition, the anticipated closing date thereof and securing approval of the
portfolio's lender constitute forward-looking statements. Wherever possible,
words such as "may", "will", "should", "could", "expect", "plan", "intend",
"anticipate", "believe", "estimate", "predict" or "potential" or the negative or
other variations of these words, or similar words or phrases, have been used to
identify these forward- looking statements. These statements reflect
Management's current beliefs and are based on information currently available to
management as at the date hereof.


Forward-looking statements involve significant risk, uncertainties and
assumptions. Many factors could cause actual results, performance or
achievements to differ materially from the results discussed or implied in the
forward-looking statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions, the Company
cannot assure readers that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of the
date of this press release, and the Company assumes no obligation to update or
revise them to reflect new events or circumstances, except as required by law.
Many factors could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including: general economic and market segment conditions, interest
rates, costs outside of the Company's control such as Real Estate Taxes and
utilities, the ability of tenants to satisfy their contractual rent obligations
and any unforeseen repair, maintenance or replacement of the Company's assets.
More detailed assessment of the risks that could cause actual results to
materially differ than current expectations is contained in the "Risks and
Uncertainties" section of the Company's most recent Management's Discussion and
Analysis.


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