Blake, Cassels & Graydon has been retained by CIBC to act on the sale of CIBC Development Corporation’s real estate holdings across Canada. This transaction will represent the largest property sale in Canadian commercial history, involving a portfolio with an estimated value of $2 billion, and includes first-class buildings such as Commerce Court in Toronto, LaTour CIBC in Montreal, Commerce Place Vancouver, Commerce Place Edmonton and Commerce Place Hamilton.
The entire portfolio includes 45 office, retail, industrial and development properties that encompass 14 million square feet of space. Many of these assets are owned jointly with U.S. and Canadian co-investors. CIBC Development Corporation also provides asset management, property management, development management and leasing services to its partners, and it manages the CIBC pension plan’s investment in real estate.
The Blake team includes Jim Hilton, Bob Macdonald, Jim Christie, Joel Shafer, Peter Gilchrist, Chris Huband, Thomas von Hahn, Silvana D’Alimonte, David O’Brien, Jeff Merrick (Vancouver), Rick Dawson (Calgary) and Don Greenfield (Ottawa).