Bentall Centre, Tower V Financing

BTC Properties II Ltd. placed a $40 million financing on Bentall Centre, Tower V with CIBC on June 26, 2003. The financing was a new facility, replacing one that CIBC had previously extended on the security of Tower IV.

The Standard Life Assurance Company recently utilized Tower IV as security for an advance to retire $60 million in mortgage bonds issued by Bentall Properties Ltd., a predecessor to BTC Properties II.

CIBC has utilized Bentall V, the newest tower in the complex, as security for a $40 million operating facility for BTC Properties II, which is controlled by the Caisse de dépôt et placement du Québec.

BTC Properties was represented by Stu Wells of Clark, Wilson, and CIBC was represented by Rowland McLeod and Bob Groves of Davis & Company in Vancouver.