Parq Holdings Limited Partnership Completes Project Financing for Development of Vancouver-Based Urban Entertainment and Leisure Resort

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 17, 2014) - Parq Holdings Limited Partnership, a joint venture between Dundee Corporation (TSX:DC.A), Paragon Development Ltd. and PBC VUR Limited Partnership, is pleased to announce that it has completed a USD$415 million project financing for the development of a world-class urban resort adjacent to the B.C. Place Stadium in Vancouver, British Columbia. Once completed, the resort will feature two luxury hotels, a 60,000 square foot conference centre, five exceptional restaurants, three lounges, retail space and a new home for the existing Edgewater Casino. Project financing was arranged by a syndicate of financial institutions led by Credit Suisse Securities (USA) LLC, with the participation of Dundee Securities Ltd. and Valtus Capital Group, LLC.

The project financing, comprised of a USD$265 million first lien term loan and a USD$150 million second lien term loan, will provide the required financial commitment to complete the development and construction of the project. Dundee Corporation and Paragon Development Ltd. each hold an approximate 37% interest in the project, with PBC VUR Limited Partnership, managed by PBC Real Estate Advisors Inc., holding the remaining 26% interest.

EllisDon Corporation and Tishman Construction Corporation are constructing the project pursuant to a guaranteed maximum price construction contract. Construction has commenced and is expected to be complete at the end of 2016. Dundee 360 Real Estate Corporation, a wholly owned subsidiary of Dundee Corporation, and Paragon Smithe Street Developer ULC, an affiliate of Paragon Development Ltd., will jointly manage construction of the project.

About Dundee Corporation

Dundee Corporation is a public Canadian independent holding company listed on the Toronto Stock Exchange under the symbol "DC.A". Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of its core competencies including investment advisory and corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these core focus areas, as well as other select investments in both publicly listed and private companies.