Shares issued: Class A - 148,945,498 Class B - 31,514,782
Halifax, Nova Scotia, March 27, 2008 (TSX: HII.A & HII.B and AEX:HII) - Richard Homburg, Chairman and CEO of Homburg Invest Inc. ("Homburg Invest") announced that Homburg Invest, through its wholly owned U.S. subsidiary, has entered into a preliminary agreement with Cedar Shopping Centers Inc. (NYSE: CDR) ("Cedar"), a U.S. real estate investment trust, as a joint venture partner to own 32 properties presently owned and managed by Cedar.

Pursuant to the terms of the agreement, Homburg Invest Inc. will acquire interests in the respective properties ranging from 49.9% to 80% in the joint venture and Cedar will retain the remaining interests. Cedar will remain as the manager of the properties and will receive fees with respect to its management. Homburg Invest Inc. has the option to acquire up to 80% interests in all properties. If successfully concluded, this will be the second joint venture between Homburg Invest and Cedar with respect to shopping center properties in the U.S.

The agreement is subject to a due diligence period as well as approval of the Board of Directors of both Homburg Invest and Cedar Shopping Centers, Inc.

The properties, valued at approximately US$ 128.9 million, involve 27 properties in Ohio (primarily drug-store anchored), 2 properties in Pennsylvania and 3 properties in New York State. The 32 properties total slightly more than 1 million square feet. The value of each of the respective properties has been determined at a weighted cap rate of 7.9%. Aggregate existing first mortgage financing on the joint venture properties is estimated at approximately US$ 55.1 million with an average (fixed) interest rate of 5.6%. Homburg's asset value in the joint venture will be approximately US$ 77.7 million. Homburg's equity participation for the 32 properties would be approximately US$ 50 million.

Cedar Shopping Centers, Inc. is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers, which has realized significant growth in assets and shareholder value since its public offering in October 2003. The Company presently owns and operates 119 of such primarily supermarket- and drug store-anchored centers with an aggregate of approximately 12.1 million square feet of gross leasable area, located in nine states, predominantly in the Northeast and mid-Atlantic regions. The Company also owns a pipeline of development parcels aggregating approximately 336 acres and has entered into purchase agreements for an additional 41 acres within the same geographic area.

Homburg, with its head office in Halifax, Nova Scotia, is an international real estate investment and development company that owns a diversified portfolio of quality real estate, including office, retail, industrial and residential apartment and townhouse properties in Canada, Europe and the United States. The Company also owns land assets for development in Calgary and Edmonton, Alberta; Montreal, Quebec; and Charlottetown, Prince Edward Island. In 2007, Homburg completed significant acquisitions totaling over approximately CAD$ 1.1 billion and as of December 31, 2007 has assets of over CAD$ 3.8 billion with an approximate aggregate of 18.2 million square feet of gross leasable area.

For further information on this matter, please contact Mr. Richard Homburg, Chairman and CEO at 902-468-3395 or Mr. Richard Stolle, President and Chief Operating Officer at 011 31 20 573 3855. For information on Homburg Invest Inc., visit our website at www.homburginvest.com.