Sun Life Assurance Company (Sun Life) closed on February 1, 2000 the sale of the prestigious Merrill Lynch Tower at 200 King Street West, Toronto, to Penreal Capital Management Inc. (Penreal) for $110 million. Sun Life Real Estate, which manage in excess of 15 million square feet across Canada, will continue to manage the property on behalf of the new owners.
The sale by Sun Life is part of an effort to provide greater balance and financial flexibility within the company’s investment portfolio, which has resulted in the company deciding to reduce its investment in office real estate. Glen Copeland, Senior Counsel of Sun Life’s in-house legal department instructed Norman I. Kahn and Christie A. McNeill of Aird & Berlis on the sale. James J. Lawson of Davies, Ward & Beck acted for Penreal.