CIBC reaches agreement to sell real estate holdings

(December 10 – 15:20 ET) – CIBC
has announced the sale of its
portfolio of seven wholly-owned
office properties to the recently
created British Columbia Investment
Management Corporation. The
portfolio consists of properties in
Vancouver, Edmonton, Hamilton,
Montreal, Oshawa and Toronto,
including Commerce Court in
downtown Toronto. The sale is
subject to usual conditions,
including due diligence, and is
expected to close in the second
quarter of 2000. No further
details of the transaction were
released.

Doug Pearce, chief investment
officer of the BCIMC, expressed his
confidence in Canadian real estate
as an institutional investment.
“This acquisition adds both
stability and quality to our
existing real estate portfolio,”
said Pearce. With this purchase,
BCIMC will own in excess of $4
billion in high-grade Canadian
office, retail, industrial and
apartment properties.