Great-West Life Sells Interest in Edmonton Business Park to Concert Real Estate

GWL Realty Advisors Inc. on behalf of The Great-West Life Assurance Company sold its interest in the Pinnacle Business Park in Edmonton, Alberta to Concert Real Estate Corporation, effective April 19, 2010, for a purchase price of $40,650,000.

The Pinnacle Business Park is a premiere business park, with a high-quality mix of local and national tenants occupying 290,883 square feet of net leasable area in 11 buildings situated on a 19.82 acre site in southeast Edmonton.

The Great-West Life Assurance Company and GWL Realty Advisors Inc. were represented in the transaction by Garth Anderson, Paul Logan and Jennette Vopicka of the Calgary office of Blake, Cassels & Graydon LLP.

Concert Real Estate Corporation was represented by McCarthy Tétrault LLP, with a team composed of Beverly Ellingson in Vancouver and Gregory Liakopoulos and Kimberly Howard in Calgary.

Citizens Bank of Canada (wholly owned by Vancity Savings Credit Union) provided financing on the acquisition and was represented by Terence Lidster of Borden Ladner Gervais LLP.

Derek Winnett of the Vancouver office of Gowling Lafleur Henderson LLP represented Concert Real Estate Corporation in connection with the financing.