On December 16, 2010, The Cointreau Trust sold the Zurich Building, a 25-floor office building in downtown Toronto, to Crown Realty II Limited Partnership for aggregate proceeds of $77,000,000.
As part of the sale, the existing $53.2 million mortgage financing on the building was assumed.
Electech Holdings (Gibraltar) Limited, the beneficiary of The Cointreau Trust, was represented by the Toronto office of Stikeman Elliott LLP, with a team that included Eric Carmona and Savvas Kotsopoulos (real estate) and Christopher Slade (tax).
Cidel Trust Company, the trustee of The Cointreau Trust, was represented by the Calgary office of Stikeman Elliott LLP, with a team that included Glenn Cameron and Greg Plater.
Crown Realty II Limited Partnership was represented by Jeffrey Cummings of Cummings Cooper Schusheim Berliner LLP.
Midland Loan Services, a division of PNC Bank, National Association, the servicer of the assumed mortgage, was represented by Ronald Melvin of Rose, Persiko, Rakowsky, Melvin LLP.