Canadian Pacific enters into agreement to sell Marathon to Oxford Properties and GE Capital.TORONTO--(BUSINESS WIRE)--Sept. 6, 1996--Oxford Properties Group Inc. and General Electric Capital Corp. and Canadian Pacific Limited Canadian Pacific Limited was created in 1971 to own properties formerly owned by Canadian Pacific Railway, a transportation and mining giant in Canada. In October 2001, CP decided to spin-off the remaining businesses it had not recently sold off, thus creating separate companies today announced that they have entered into an agreement whereby Canadian Pacific will sell its wholly owned real estate subsidiaries Marathon Realty Co. Ltd. and Centrixx Realty Holdings Ltd. (collectively "Marathon") to a newly incorporated company which will be owned equally by Oxford and GE Capital. The Marathon property portfolio comprises approximately 12 million square feet of premier office and retail properties in Canada, including Metro Centre, Atria Atria The heart has four chambers. The right and left atria are at the top of the heart and receive returning blood from the veins. The right and left ventricles are at the bottom of the heart and act as the body's main pumps. Phase I, II, and III and Citibank Place in Toronto and Place du Canada and 100 boulevard Rene Levesque and several regional shopping centres, notably Place Laurier (Quebec City), Place D'Orleans Place d'Orléans is a large shopping mall in the eastern end of Ottawa, Ontario, Canada, in the community of Orléans. The property is about 756,300 square feet (70,262 m²)[2]. (Ottawa), Dufferin Mall Dufferin Mall is a mall located near the Bloor St. and Dufferin St. intersection in Toronto. It is currently owned by Oxford Properties. It is located one block south of Dufferin subway station and across the street from Dufferin Grove Park. (Toronto), Orchard Park Orchard Park may refer to the following locations in: Erie County, New York:
n. A region in the north of a country or an area. north  land Village (Calgary) among others.
The agreement excludes the U.S. retail assets of Marathon which are currently under a sale agreement to First Union Real Estate Investment Trust, and Marathon's land and development sites. Oxford will manage the properties and anticipates that it will employ a majority of the Marathon employees currently overseeing the properties being acquired. GE Capital Canada Inc. will provide a first mortgage financing facility for the company. Jon Love, president and chief executive officer said, "We are pleased to be moving forward with GE Capital to acquire one of Canada's premier property portfolios. This acquisition will nearly double Oxford's asset base, and will extend the company's property management business to 45 million square feet. We look forward to the opportunity to work with the Marathon people to build on their fine reputation with their co-owners, lenders and customers." Michael D. Fraizer, president, GE Capital Commercial Real Estate Financing and Services said, "We are excited to be purchasing this high quality portfolio with Oxford as part of our ongoing growth of property lending and investment activities in Canada." David O'Brien
"This transaction maximizes value for CP as the shareholder of Marathon, while providing the best alternative for Marathon employees," said Marathon's president and chief executive officer, Doug Aitken Doug Aitken is a multimedial American artist. Aitken’s Sleepwalkers, a video installation projected onto the outdoor facades of the Museum of Modern Art, opened on January 16, 2007. . The purchase of Marathon will be completed at a price of approximately $952 million including assumed debt upon substantiation of customary closing conditions and the receipt of all regulatory approvals. Oxford (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :OXG) is a commercial real estate ownership and management company with ownership interest in 9.3 million square feet of properties and with over 34 million square feet under management. It owns and manages properties throughout Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . GE Capital Services' Commercial Real Estate Financing & Services is one of the industry's leading sources of commercial real estate financing, with a portfolio of approximately $18 billion. GE Capital Services, which has assets of over $185 billion, is a global, diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company with 26 specialized businesses, with 14 currently operating in Canada. A wholly-owned subsidiary of General Electric Co., GE Capital Services, based in Stamford, Conn., provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, , such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide. Canada Pacific has one of the strongest business portfolios in Canada. Its transportation, energy and hotel businesses have established themselves as leaders in their industries by focusing on competitive strengths, low cost operation and productivity improvements. CONTACT: GE Capital, Stamford Neal McGarity, 203/961-2290 or Oxford Jon Love, 416/865-8402 or Canadian Pacific Graham McMurray, 514/395-7669 |
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