On December 1, 2000, Vancouver-based developer Concert Real Estate Corporation (Concert) purchased 16 commercial and industrial properties from BC Properties Ltd.—a subsidiary of BC Rail Ltd.—in a transaction valued at $79 million. The transaction gives Concert another 890,000 square feet of leasable space and about six hectares of industrial land. BC Rail is in the process of disposing of non-core real estate assets to concentrate on its core railway and marine businesses.
McCarthy Tétrault represented Concert on the purchase with a team comprised of Nick Blom, Derek Winnett and Jane Glanville (real estate). Richard Shrieves of Pines McIntyre & Shrieves acted for the vendor, BC Properties Ltd., while Michael Kalef of Koffman Kalef acted for the lender.