On August 9, 2001, the British Columbia Investment Management Corporation, through its real estate advisor, Penreal Capital Management Limited Partnership, acquired the World Exchange Plaza complex in downtown Ottawa from Truscan Property Corporation, a component of TD Investment Real Estate. The deal is worth in excess of $150 million. Penreal Capital Management Inc. will act as asset manager for the owner and Bentall Real Estate Services Limited Partnership will provide leasing and property management services.
The purchaser was represented by Davies Ward Phillips & Vineberg LLP, with a team consisting of Greg Howard, Don Stanbury, Greg Southam and David Dell. Alan Cohen of Soloway Wright LLP in Ottawa provided assistance on municipal law matters. Rita Andreone of Lawson Lundell acted as corporate counsel to the purchaser. Truscan’s counsel were Blake, Cassels & Graydon LLP. The Blakes team included Jim Hilton, David O’Brien, Silvana D’Alimonte, John Hutmacher, Elizabeth Phalen and Jennifer Del Bianco. Assisting on Ottawa municipal law matters was Bob McKinley. Truscan’s general counsel, Dawn Michaeloff, was involved on several aspects of the transaction. Representing the City of Ottawa on the various municipal law matters involved were Tim Marc, Jerry Bellomo, Judith Gerus and Millie Mason of the City of Ottawa legal department.