On February 13, 2001, CIBC World Markets successfully completed a property exchange with corporations forming part of the First Professional group in which 3679471 Canada Inc. (a subsidiary of CIBC) sold its 20 per cent co-ownership interest in three power shopping centres in Ottawa, Ancaster and Brampton to its co-owner in exchange for the acquisition of the remaining 80 per cent co-ownership interest in two other power centres in Thunder Bay and Brampton.
Concurrently, CIBC World Markets completed the sale of the Thunder Bay shopping centre to RioCan Real Estate Investment Trust and the sale of the Brampton shopping centre to 1448385 Ontario Limited, a Centrefund company.
Blake, Cassels & Graydon LLP acted as counsel to CIBC World Markets in structuring and completing the transaction. The Blakes team consisted of Silvana D’Alimonte, Frances Peng, Elizabeth Phalen and David Smith. William V. Alcamo of Goodmans LLP acted as counsel to First Professional. First Professional was also represented by its senior in-house counsel, David J. Taras, assisted by Joseph Amato. Raymond Gelgoot at Fogler, Rubinoff LLP acted as counsel to RioCan assisted by Domenic Damiani, and Rose Bailey of Torys acted as counsel to 1448385 Ontario Limited.