Pensionfund Realty Completes First Mortgage Bond Financing

Pensionfund Realty Limited completed a $110 million first mortgage bond financing on December 12, 2002, of series A bonds. Pensionfund Realty is a privately-held real estate company owned by a number of Canada’s largest institutional investors and holds a direct interest in a large and broadly diversified portfolio of properties, including the Coquitlam Centre in B.C.

Pensionfund Realty sold the bonds to Metropolitan Life Insurance Company, with the proceeds used, among other things, to repay the existing debt secured by the centre and complete the balance of improvements to the centre.

Pensionfund Realty was represented by Blake, Cassels & Graydon LLP, with a team including Jeffrey Merrick in Vancouver and Joan Kennedy in Toronto. Metropolitan was represented by in-house counsel Lisa Vahdat in New York, and by George Valentini and Kevin Scott of Osler, Hoskin & Harcourt LLP in Toronto.