MEDELLIN, Colombia, Oct. 6 /PRNewswire-FirstCall/ -- On October 3, 2008,
Bancolombia S.A. (NYSE: CIB) ('Bancolombia') made an in-kind contribution of
38 real estate properties to private equity fund Colombia Inmobiliaria
('Colombia Inmobiliaria'). The 38 properties are valued at approximately
Ps. 2,034,874,029. Colombia Inmobiliaria will be managed by Bancolombia's
subsidiary Fiduciaria Bancolombia S.A.
In exchange for its contribution, Bancolombia will receive securities
issued by Colombia Inmobiliaria. These securities are expected to be traded on
the Colombian Stock Exchange.
SOURCE Bancolombia S.A.
