bmIMC Acquires Interest in Complex

On November 13, 2002, British Columbia Investment Management Corporation (bcIMC) and Calgary-based Pointe of View Marketing & Management Inc. completed a transaction respecting the development of Discovery Pointe, a $60 million residential complex in Calgary.

The pre-purchase transaction included bcIMC’s acquisition of a volumetric air-space parcel within which a 225-unit rental apartment tower is to be constructed and leased by Pointe of View on behalf of bcIMC pursuant to a development agreement. Pointe of View retained a further parcel within which a second tower is to be constructed and subdivided into 125 condominium units to be marketed by Pointe of View. GWL Realty Advisors Inc. managed the acquisition and will continue to act on behalf of bcIMC in connection with the project.

Stikeman Elliott LLP in Calgary acted for bcIMC and GWL Realty Advisors, with a team led by Greg Plater and including Michael Witt and Michael Dyck. Pointe of View was represented by David Grossman, Q.C., and Mark Hoffinger of Demiantschuk Milley Burke & Hoffinger in Calgary. Wayne Whitlock and Terry Livermore of Bennett Jones LLP acted for CIBC, lender to Pointe of View.