St. Georges, Grenada - (Monday December 1 2009) – Grenreal Property Corporation Limited ("Grenreal" or the "Company") (ECSE: GPCL) has released its interim financial statements for the quarter which ended September 30, 2008. “Grenreal has met all forecasted targets. Grenreal’s share value has once again increased; profit targets have been met; and rental income has exceeded forecasts.”

Mr. Dick van Dijk CEO of Grenreal expressed his satisfaction and said: “We have managed to meet and in some cases exceed our targets. This has compensated for higher than expected financial costs and exceptionally increasing energy costs. We have a dynamic team that has been able to ensure that our company continues to perform strongly as time progresses.”

Grenreal has reported a net profit of EC$ 1,307,962 (EC$ 0.17 per share) for the first 9 months, ended September 30, 2008, and a continued increase in its share price of the Eastern Caribbean Stock Exchange. The book value of the shares increased marginally by EC$ 0.05 to EC$ 5.69 compared to EC$ 5.64 as per end of June 2008. With a present share price of EC$ 5.40, the Grenreal shares can still be purchased at a favorable discount of 5%.

In addition to this, the Grenreal owned and operated shopping malls at the cruise ship terminal in St. George’s, Grenada W.I. are benefitting from a higher than expected increase in cruise ship bookings for 2008-2009; the cruise ship terminal is expected to welcome 365 thousand cruise passengers as compared to 270 thousand for 2007-2008.

Grenreal also plans to reconfigure the Esplanade Mall and the Dr. Jan Bosch Building to increase the general attractiveness for tenants and visitors as well as the rental value.

The Grenreal CEO, Mr. Van Dijk said that Grenreal was putting a number of measures in place to ensure the company’s long term viability. Grenreal plans to issue a bond to offer local and regional investors additional opportunities to invest in Grenreal. The proceeds will be used to refinance its existing bank loan. The promotion for the bond issue will start in the 2nd quarter 2009. In the meantime the company is reporting that the share offer is going reasonably well and that a number of Grenadian and Caribbean nationals have already bought shares.