3679462 Canada Inc., a subsidiary of CIBC, sold an undivided 20 per cent interest in Gulf Canada Square, located in Calgary, to Brookfield Properties (GCS) Ltd. WHGCS Realty Co., a subsidiary of Whitehall, is the owner of the remaining undivided 80 per cent interest in the property. The deal closed on December 18, 2002 and the value was approximately $35 million.
The Brookfield-affiliated purchaser was represented in Calgary by Cameron Black, vice-president and legal counsel, Brookfield, and by Hugh MacKinnon, Juliana Abdo and Tara Mackay of Bennett Jones LLP in Toronto. CIBC’s subsidiary on the sale was represented by Blake, Cassels & Graydon LLP, with a team comprised of Jim Hilton and John Hutmacher in Toronto, and assisted by Rick Dawson in Calgary. Barry Emes and Stephanie Uhlich of Stikeman Elliott LLP in Calgary represented the Whitehall affiliate co-owner. The lenders were represented by Kieth Mullback of McCarthy Tétrault LLP in Calgary.