Broccolini Construction and Canderel Management Complete Financing and Forward Sale

On November 13, 2009, co-developers Broccolini Construction and Canderel Management completed a forward purchase and sale agreement to Manulife Financial for the advance sale of the new Export Development Canada (EDC) headquarters. Upon completion, the EDC headquarters will be 18 storeys and 479,000 square feet.

Prior to completing the forward purchase agreement, Broccolini and Canderel concluded a syndicated construction loan facility for $120 million, with CIBC as lead arranger and BMO and BNS as joint-lead arrangers.

Broccolini and Canderel were represented by their respective internal counsel, Madeleine Tran and Joëlle Sebag, and by Fraser Milner Casgrain LLP composed of Philip Rimer and Jaclyn Marmara from Ottawa and Kenneth Beallor from Toronto.

Manulife was represented in-house by Nathaniel Margolis of John Hancock Life Insurance Company in Boston and by a team from Lang Michener LLP consisting of William Rowlands in the Toronto office and Barbara Sinclair in the Ottawa office.

CIBC, BMO and BNS were represented by Gowling Lafleur Henderson LLP Ottawa lawyers Christopher Fournier and Karen Hennessey.