The dispositions are part of the publicly traded company's objective to liquidate all remaining assets except its 40% interest in the New york City-based REIT Trizec Properties Inc., as contemplated in the company's May 2002 Plan of Arrangement.
In February, Trizec Canada closed on the sale of its 50% ownership interest in the operating assets of the TriGranit joint venture, a Hungarian based real estate company. The $110 million in cash was used to repay Trizec Canada's remaining $51 million bridge loan facility, eliminating all corporate debt at the Trizec Canada level with the exception of the Exchangeable Debentures, which are fully secured by and exchangeable into the shares of Barrick Gold Corporation.
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