Halifax, Nova Scotia, November 3, 2008  (TSX: HII.A & HII.B and  NYSE
Euronext Amsterdam: HII)-  Mr. Richard Homburg,  Chairman and CEO  of
Homburg Invest Inc.  ("Homburg Invest" or  "HII") announces that  the
previously  reported  proposed  joint  venture  with  Cedar  Shopping
Centres Inc. ("Cedar") to purchase 32 properties has been cancelled.
Mr. Homburg states that:

"HII had substantially completed its due diligence in respect of  the
proposed joint venture, however recent unprecedented financial events
have caused the  virtual collapse of  world capital markets  directly
causing the cancellation of  this joint venture.  Unless  governments
get banks back to the business of lending, business will be forced to
re-evaluate and make harsh  decisions in order  to deal with  current
economic circumstances."

The joint venture had  proposed the acquisition  of 27 properties  in
Ohio (primarily drug-store  anchored), 2  properties in  Pennsylvania
and 3 properties  in New  York State  totaling slightly  more than  1
million square feet for  an approximate cost  of US$ 128.9  million.
 The joint venture had been scheduled  to close on or about  December
15, 2008  subject  to due  diligence  and final  Board  of  Directors
approval and saves HII its capital contribution of approximately  USD
$50 million.

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.

                                -30-

For further information, please contact:

Mr. Richard Homburg,
Chairman and CEO
Homburg Invest Inc.
902-468-3395

or

Richard Stolle
President and COO
Homburg Invest Inc.
011 31 20 573 3855

This news release may contain statements which by their nature are
forward looking and express the Company's beliefs, expectations or
intentions regarding future performance, future events or trends.
Forward looking statements are made by the Company in good faith,
given management's expectations or intentions however, they are
subject to market conditions, acquisitions, occupancy rates, capital
requirements, sources of funds, expense levels, operating performance
and other matters. Therefore, forward looking statements contain
assumptions which are subject to various factors including: unknown
risks and uncertainties: general economic conditions; local market
factors; performance of other third parties; environmental concerns;
and interest rates, any of which may cause actual results to differ
from the Company's good faith beliefs, expectations or intentions
which have been expressed in or may be implied from this news
release. Therefore, forward looking statements are not guarantees of
future performance and are subject to known and unknown risks.
Information and statements in this document, other than historical
information, should be considered forward-looking and reflect
management's current views of future events and financial performance
that involve a number of risks and uncertainties. Factors that could
cause actual results to differ materially include, but are not
limited to, the following: general economic conditions and
developments within the real estate industry, competition and the
management of growth. The Toronto Stock Exchange has neither approved
nor disapproved of the information contained herein.


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