Manulife and Sun Life Complete Financing of Petro-Canada Centre

Manufacturers Life Insurance Co., as lead lender, and Sun Life Assurance Company of Canada completed a $74 million second mortgage bond financing of Petro-Canada Centre. The centre is a 1.73 million square foot office/retail complex located in Calgary owned by PCC Properties (Calgary) Ltd., a subsidiary of BPO Properties Ltd. and ARCI Ltd. The deal closed on December 29, 2003.

PCC was represented in-house by Cameron Black, vice-president and legal counsel, Brookfield in Calgary; and by Terry Livermore and Farouk Adatia of Bennett Jones LLP. ARCI was represented by Robert Poffenroth, Q.C., and Joe Palin of Fraser Milner Casgrain LLP.

Manulife and Sun Life were represented by Stikeman Elliott LLP in Calgary, with a team that included Greg Plater, Michael Witt and Michael Dyck; and assisted in-house by Alec Svoboda, assistant vice-president and senior counsel, Sun Life.