Toronto Waterfront Revitalization Acquires Prime Waterfront Property

On September 22, 2005, Toronto Waterfront Revitalization Corp. recently completed the acquisition of a prime waterfront property at the foot of Yonge Street in Toronto from Torstar Corp. (the Toronto Star newspaper's parent company), and its subsidiary Metroland Printing, Publishing & Distributing Ltd. Consideration for the 1.4 acre parcel, which included an assignment of Metroland's ground leasehold interest with the Toronto Port Authority, was approximately $12.2 million. The highly publicized acquisition marks an important step in the planned $1.5 billion redevelopment of Toronto's waterfront.

Toronto Waterfront Revitalization Corp. was represented by in-house counsel Victor Wong, and by Stephen Waqué and Catherine Bray of Borden Ladner Gervais LLP.

Torstar and Metroland were represented by in-house counsel Marie Beyette, and by Mike Brady of Baker & McKenzie LLP.

Toronto Port Authority was represented by Paul Ginou of Fraser Milner Casgrain LLP. Paul Miron and Desmond Mackey of First Canadian Title assisted with respect to the title insurance matters.