Sun Life Sells Half Interest in L\'Edifice Sun Life

SITQ Immobiliser acquired on March 1, 2000 a 50 per cent interest in the Sun Life Building in Montreal from Sun Life Assurance Company of Canada (Sun Life) for $64 million. In accordance with the terms of the purchase, Sun Life will remain as the principal long term tenant, will continue to manage the property, and the building will continue to be known as L’Edifice Sun Life.

Founded in 1984 at the instigation of the Caisse de depot et placement du Quebec, SITQ Immobiliser has become an investment, development and real estate management company with a portfolio of almost $5 billion, including 22 million square feet of property, comprised in 188 buildings located in five countries.

Hélène Lafond, in-house counsel for SITQ Bureaux Inc., assisted by Rita lc de Santis of Goodman Phillips & Vineberg, acted jointly for SITQ. Louis-Martin Dubé, in-house counsel for Sun Life Assurance Company of Canada, and Richard J. Clare of Fasken Martineau DuMoulin LLP acted for the vendor.