On June 22, 2006, Columbia National Investments Ltd. acquired from A.J.B. Investments Ltd. a total of 3,285 acres of land on the Sunshine Coast of British Columbia for mixed residential development and mineral and timber extraction. The purchase price was $32 million. The acreage is in three different locations, with 2,174 acres near Sechelt, 803 acres at McNabb Creek and 309 acres at Seaside Park in the Port Mellon area.
Columbia National Investments Ltd. was represented by Anthony Knight and Damon Chisholm of Lang Michener LLP. A.J.B. Investments Ltd. was represented by David Longcroft and Magnus Verbrugge of Borden Ladner Gervais LLP.
The purchase was financed by Algonquin Mortgage Corporation, represented by Robert McKinnon, Kevin Dooley and Jennifer Dezell of Fraser Milner Casgrain LLP and Pan-Canadian Mortgage Group Inc., represented by Carol Lee of Parolin & Company.