Consortium Sells Cité Multimedia

On January 21, 2004, the consortium composed of Société de développement de Montréal; SITQ, a subsidiary of Caisse de dépôt et placement du Québec; and Solim, a subsidiary of the Fonds de solidarité, completed the sale of seven phases of the Cité Multimédia in Old Montreal to parties represented by Northam Realty Advisors Ltd. for a purchase price of $147.3 million. Cité Multimédia is a real estate complex of approximately 1 million square feet.

The purchasers were represented by Robins, Appleby & Taub LLP in Toronto, with a team led by Neill Kalvin, and assisted by David Shlagbaum and Heather Whitten; and by Mendelsohn in Montreal, with a team led by Michael Garonce, and assisted by Philipp Duffy and Nicholas Scheib. Mendelsohn also represented the purchaser on the financing, with a team led by Judie Jokinen, and assisted by Kiriakoula Hatzikiriakos.

The vendors were represented by Fasken Martineau DuMoulin LLP, with a team that included Claude Gendron, Lise Rochette and Isabelle Durand. The mortgage lender, Hypothèques CDPQ Inc., was represented by in-house counsel Madeleine Amyot and Josée Lebeau; and assisted by Fasken Martineau DuMoulin, with a team that included Verna Cuthbert, Richard Clare, Marie-José Roux-Fauteux, Christine Malenfant and Marc-André LeChasseur.