CDP Capital Moneytizes Interest in Three Retail Properties

N-46 A-B Notes Issuer Inc., a member of CDP Capital – Mortgages and an indirect wholly-owned subsidiary of Caisse de dépôt et placement du Québec (CDP), closed on August 31, 2005 a $165.5 million senior/subordinate secured notes (A-B notes) offering in the Canadian market consisting of pay-through notes. The moneytized pool includes three large mortgage loans secured by major shopping centers located in the Province of Ontario, all of which were originated by CDP Capital – Mortgages which is the sole contributor to the pool. The $141 million class A notes were rated Aa2 and the $24.5 million class B notes were rated Baa1 by Moody's.

The issuer and the promoter, Hypothèques CDPQ Inc., another member of CDP Capital – Mortgages, were represented by McCarthy Tétrault LLP in Montreal and Toronto, with a team led by Pierre-Denis Leroux (structured finance, securitization and real estate & development) and also composed of Stéphane Lalande and Stéphanie Gilcher (real estate & development), Patrick Squire (real estate & development), Patrick Boucher, Frédéric Cotnoir and Julie Belley Perron (securities), Pierre Laflamme (taxation) and Michel Bergeron (translation).

Gespa CDPQ Inc., the Master Servicer and Special Servicer, was represented in-house by Josée Lebeau. CDP Capital – Real Estate Advisory Inc., responsible for the financial engineering of this transaction, was represented in-house by Irene Papavasil.

The placing agent, RBC Dominion Securities Inc. was represented by Borden Ladner Gervais LLP in Montreal with a team led by Rick Shannon (securities), assisted by Fred Enns and Élise Renaud (securities) and Pierre Côté (real estate).