Concert Properties and Sun Life Assurance Announce Joint Venture

On March 24, 2003, Vancouver-headquartered Concert Properties Ltd. and Sun Life Assurance Company of Canada announced a joint venture agreement for the co-ownership of three office buildings in downtown Vancouver. Under the agreement, Concert completed an approximate $36 million transaction with Sun Life. Concert acquired a 50 per cent interest in two office buildings at 1100 Melville St. and 1140 West Pender St. in Vancouver, and simultaneously sold to Sun Life a 50 per cent interest in 1130 West Pender St., an office building owned by Concert.

Nick Blom, Derek Winnett and Neil Davie of McCarthy Tétrault LLP in Vancouver acted for Concert. Glen Copeland, assistant vice-president and senior counsel, Sun Life, and David Mydske of Borden Ladner Gervais LLP in Vancouver represented Sun Life. The acquisition of Concert’s 50 per cent interest in the two office buildings was financed by Manulife Financial. Michael Shane of Richards Buell Sutton in Vancouver represented Manulife.