Maple Red acquires majority interest in office tower complex

On April 19, 2016, Maple Red Financial Management Canada Inc. completed the acquisition from BTC Properties II Ltd., a subsidiary of Ivanhoe Cambridge, of an undivided 60-per-cent interest in Towers I, II and III and Pender Parkade of the Bentall Centre, an undivided 75-per-cent interest in Tower IV and Thurlow Parkade of the Bentall Centre, and an undivided 71.88-per-cent interest in the ALRT Connector of the Bentall Centre.

The transaction was one of the largest real estate transactions in Canada so far in 2016. The Bentall Centre, a city-wide icon, is a Class “A” office tower complex located in Vancouver’s downtown financial core. Across all four towers, Bentall Centre contains around 1.3 million rentable square feet of office space and around 145,000 square feet of retail space. 

Maple Red was represented by Scott Smythe, Craig Shirreff, Oliver Borgers and Michelle Siu (competition and foreign investment) of McCarthy Tétrault LLP

Ivanhoe Cambridge was represented in-house by Denis Boulianne, Alexandra Popa and Kelly Marcotte; and by Greg Howard, David Reiner, Alysha Virani and Anita Banicevic (competition and foreign investment review) of Davies Ward Phillips & Vineberg LLP. Beverly Ellingson of Terra Law Corp. acted as Ivanhoe Cambridge’s local counsel in British Columbia.

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