Pension Funds Acquire Toronto Exchange Tower

Redcliff Realty Advisors Inc. represented two pension fund purchasers in the acquisition of an undivided 50 per cent interest in the Exchange Tower in Toronto from an affiliate of Brookfield Properties Corporation for approximately US$100 million. The deal closed on March 12, 2002.
Thomas von Hahn and Mark Nicholson (competition) and John Hutmacher of Blake, Cassels & Graydon LLP acted for Redcliff. Stephen Luff and Shelley Munro of Osler, Hoskin & Harcourt LLP advised one of the pension fund purchasers.
Brookfield was represented in-house by Kieran Mulroy, senior vice-president, strategic development and legal, and by Torys LLP with a team that included Simon Knowling, Graham Rawlinson and Conrad Sheppard (corporate/real estate), Jay Holsten (competition) and Corrado Cardarelli and Tim Rorabeck (tax). Gord Sato of McCarthy Tétrault LLP acted for the bondholders in connection with the assumption of certain existing debt by the purchasers.