ICBC Sells its Interest in the Central City Project

Surrey City Centre Mall Ltd., a wholly owned subsidiary of the Insurance Corporation of British Columbia, sold its interest in the Central City project in Surrey, British Columbia to Surrey CC Properties Inc., effective August 1, 2007. The purchase price was well in excess of $200 million making it the largest single asset transaction in British Columbia history.

Central City is a mixed use development, comprising a 490,000 square foot retail mall, 570,000 square foot, 25-storey office tower and the Surrey campus of Simon Fraser University, which is located in air space parcels owned by the University and was not included in the transaction.

Surrey Central City Mall Ltd. was represented by David Longcroft, Shelley Munro, Vivian Tang and Jeff Thomas of the Vancouver office of Borden Ladner Gervais LLP. Surrey CC Properties Inc. and its asset manager, Blackwood Partners Inc., were represented by Clark Wilson LLP, with a team led by Darren Donnelly and including Alex Petrenko, Aaron Singer, Jane Glanville, Richard Weiland, Brent Clark and Kyle Wilson. ARCA Investments Inc. provided financing on the acquisition and was represented by Jeff Merrick, Greg Umbach and Jennifer Williams of the Vancouver office of Blake, Cassels & Graydon LLP.