Bank of Montreal Sells Interest in First Canadian Place to Manulife

On September 12, 2002, Bank of Montreal sold its undivided 25 per cent interest in the land under First Canadian Place in Toronto to The Manufacturer’s Life Insurance Company for $120 million. The transaction included the transfer of the bank’s interest in the lands and various rights, interest and assets associated with the property. Following the sale, Manulife and O&Y FPT Inc. each hold a 50 per cent interest in the land under First Canadian Place. The bank will remain headquartered at First Canadian Place maintaining its leases, which expire between 2013 and 2023. First Canadian Place is managed by O&Y Properties Inc. and various management contracts were renewed on closing.

Manulife was represented in-house by Manfred Bauer, vice-president, real estate investments, and Bruce Avery, assistant vice-president, real estate investments, and by Bennett Jones LLP with a team that included Paul Mantini, Dan Ford and Scott Martyn (corporate/real estate) in Toronto, and Martin Kratz (intellectual property) in Calgary.

O&Y FPT and O&Y Properties were represented in-house by Philip Reichmann, CEO, and Randy Northey, counsel, assisted by Stephen Risk and May Cheng (intellectual property) of Fasken Martineau DuMoulin LLP. Don Roger of Torys LLP represented the interests of several other owners of the First Canadian Place complex.

The bank was represented in-house by Dick Saddington, senior vice-president, corporate real estate, and Stefan Dembinski, director, asset management, corporate real estate, and by Lang Michener with a team that included Bruce McKenna, Gordon Farquharson, Q.C., Bill Rowlands, Wayne Carney and Bronwyn Atkinson (corporate/real estate) and Don Plumley, Q.C., and Dale Schlosser (intellectual property).