Kolter Sells Greater Toronto Office Portfolio

On October 1, 2004, the disposition of Kolter Property Co.’s Greater Toronto office portfolio consisting of 13 office buildings including 4 King Street West, 155 University Avenue, South Creek Corporate Centre in Markham, and the Canada Square office and retail complex located at intersection of Yonge and Eglinton, was completed. Kolter also granted certain rights in connection with two additional properties that will, once constructed, form part of South Creek Corporate Centre. The purchase price of approximately $457 million was paid, in part, by the assumption of existing mortgages. Hypothekenbank in Essen AG, as agent for a syndicate of lenders and as a lender itself, also provided financing in connection with the acquisition.

Kolter was led by Michael Clarke and Scott Webb and represented by Goodmans, with a team that included Stephen Belgue, Jeffrey Shore and Maureen Berry. Brascan Financial Real Estate Group acted as Kolter’s exclusive real estate agent and advisor in connection with the sale and the assumption of the existing mortgages. The Brascan team was led by Steve Tiller, Trevor Blakely and Brydon Cruise.

The purchasers were represented by Neill Kalvin and Peggy Spadafora of Robins, Appleby & Taub. Hypothekenbank in Essen AG was represented by Jim Hilton, Thomas von Hahn and John Hutmacher at Blake, Cassels & Graydon.

Enzo Sallese of Gowlings acted on behalf of GMAC in connection with the assumption of four of the existing mortgages.

Jim Hilton at Blakes acted on behalf of Standard Life and Metropolitan Life in connection with the assumption of three of the existing mortgages.

Marta Lewycky of McCarthy Tétrault acted on behalf of TIAA-CREF, and Mark Brennan of Gowlings acted on behalf of CDPQ, in connection with the assumption of their respective mortgage loans.