Brookfield Acquires a 25% Interest in Hudson's Bay Centre in Toronto.Business Editors TORONTO--(BUSINESS WIRE)--March 5, 2001 Brookfield Properties Corporation (NYSE NYSE See: New York Stock Exchange :BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BPO.) today announced the acquisition of a 25% interest in the 960,000 square foot, mixed-use Hudson's Bay Centre in Toronto from The Canapen Group of Companies, subsidiaries of the CN Pension Funds, for C$63 per square foot. Located at the corner of Bloor and Yonge Streets, adjacent to the prestigious Yorkville shopping district, the Hudson's Bay Centre consists of a 35-story, 535,000 square foot office tower atop a 102,000 square foot retail complex. Included in the retail complex is a portion of the Bay department store and a car parkade park·ade n. Canadian A multilevel structure for parking motor vehicles. [Blend of park and arcade. . The Bloor and Yonge subway lines, Canada's busiest subway intersection, are located within the Hudson's Bay Centre, providing superb access and traffic flow for tenants. In addition to its 25% investment interest, Brookfield will be responsible for the re-development of the office tower and retail component, as well as leasing of the project. Construction to complete the redevelopment is expected to proceed immediately and will include the replacement of the exterior windows and mechanical/electrical systems. Life safety and elevator systems will be upgraded to meet current standards. The transaction represents the second major project with The Canapen Group, following the recent acquisition of a 50% interest in the Bay-Adelaide development, a project in which Canapen holds a 50% interest. "The addition of Hudson's Bay Centre to our portfolio provides us with a strategic advantage in offering space to our tenants in the supply constrained Toronto office market," concluded David Arthur, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Brookfield Properties Ltd., Brookfield's Canadian subsidiary. "It is a means of providing an immediate and cost effective solution for the growth needs of our dynamic tenant base, which includes nine million square foot of office users in downtown Toronto. The property was acquired through 85% owned Gentra Inc. (GTA/TSE). Brookfield Properties Corporation, with over US$8 billion in assets, owns, develops and manages a portfolio of premier North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. office properties, operates real estate service businesses and develops master planned communities. The Brookfield portfolio includes 60 commercial properties and development sites totaling 46 million square feet, including landmark properties such as The World Financial Center in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Place in Toronto. Brookfield is inter-listed on the New York and Toronto Stock Exchanges under the symbol BPO. For more information, visit the Brookfield Properties website at www.brookfieldproperties.com. |
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