Cambridge Shopping Centres Limited (Cambridge), completed a $140 million private placement offering of first mortgage bonds secured by Guildford Town Centre, Surrey, British Columbia on March 30, 2000. The bonds have a term of 15 years and bear interest at 7.81 per cent. Guildford Town Centre, a 98,000 square foot shopping centre with an occupancy rate of 98.6 per cent, is one of the core assets acquired by Cambridge in its purchase of Laing Property Corporation in August, 1999.
A Fraser Milner team headed by Maggie Brady and supported by Jim Janetos, Chris Steeves, Jillian Shortt, John Smith, Rachael Mendicino and Jill Leonard acted for Cambridge with assistance from John Paton at Stikeman Elliott in Vancouver. TD Securities Inc. and Scotia Capital Inc. were the agents on the transaction and counsel to the agents and the bond purchasers was McCarthy Tétrault. The McCarthy Tétrault team was headed by Gord Sato and supported by Sean Sadler, Silvio D’Addario and Nick Blom (Vancouver).