In the case of First Canadian Place, Brookfield Properties Corp.and its Canadian-based subsidiary, BPO Properties Ltd., along withownership partners Canada Pension Plan Investment Board (CPPIB) andAlberta Investment Management Corp., refinanced the 72-story,2.7-million-square-foot office and retail complex in the heart ofToronto's central business district with $C310 million, five-yearfirst mortgage bonds. CIBC World Markets Inc. and RBC DominionSecurities Inc. acted as agents on the transaction.

The financing was completed at a fixed rate of 5.367%, withproceeds to be used to repay the existing first mortgage bonds thatmatured on Dec. 1 and to pay for costs associated with thebuilding's previously announced renovation program.

Tom Farley, president and CEO of Brookfield's CanadianCommercial Operations, observed that the financing of such size ina still challenging credit environment "underscores the market'shigh regard for premier assets like First Canadian Place." FirstCanadian Place, Canada's tallest office tower, is 95% leased andhas been the headquarters of the Bank of Montreal since thebuilding opened in 1975.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.