Gulf & Pacific Equities Corp. Announces $18 Million Mortgage Refinancing of St. Paul Shopping Centre, in St. Paul, Alberta and Tri-City Mall, in Cold Lake, Alberta With Canadian Western Bank

TORONTO, ONTARIO--(Marketwired - Sept. 15, 2014) -

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

Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) an established company focused on the acquisition, management and development of anchored shopping centres in Western Canada, is pleased to announce that on September 15, 2014 it has completed a $18 million mortgage refinancing with Canadian Western Bank ("CWB") for the Company's St. Paul Shopping Centre in St. Paul and Tri-City Mall in Cold Lake, both in Alberta.

The financing represents the first tranche of a potential $24 million mortgage to be completed on the two properties by 2015. The term of the mortgage is 5 years with an interest rate of prime plus 1.5%. The new mortgage will replace the existing mortgages on the properties.

"We are pleased to work with Canadian Western Bank, a banking leader in Western Canada with a common sense approach and commitment to building strong banking relationships," said Anthony Cohen, President and CEO. "The new financing reflects the value of our flagship malls and the low interest rate will add to the Company's bottom line."

The St. Paul Shopping Centre is tenanted by Dollar Tree, Giant Tiger, Mark's, Petro-Canada, and Tim Hortons. The Tri-City Mall is tenanted by Ardene, ATB Financial, Bootlegger-Ricki's, Dollar Tree, Pizza Hut, Sobeys, Sportchek, The Source, Value Drug Mart and Warehouse One.

About CWB Group

Canadian Western Bank offers highly personalized service through 41 branch locations and is the largest publicly traded Canadian bank headquartered in Western Canada. The Bank specializes in mid-market commercial lending and offers a full complement of personal banking services. The Bank, along with its operating affiliates, National Leasing, Canadian Western Trust, Valiant Trust, Canadian Direct Insurance, Adroit Investment Management, McLean & Partners Wealth Management, and Canadian Western Financial, collectively offer a diversified range of financial services across Canada and are together known as Canadian Western Bank Group (CWB Group). The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB". The Bank's Series 5 Preferred Shares trade on the Toronto Stock Exchange under the trading symbol "CWB.PR.B". Refer to www.cwb.com for additional information.