In a transaction valued at approximately $70 million, The Manufacturers Life Insurance Company (Manulife) exchanged properties with Cambridge Shopping Centres Limited (Cambridge). The transaction, which closed on January 8, 2001, involved Manulife acquiring an office complex known as Markborough Place Towers, a 387,000 square foot, three building complex in the City of Mississauga. In exchange, Cambridge acquired a cash payment and Southcentre Executive Tower in Calgary, Alberta, next to the Cambridge-owned Southcentre Mall.
John Beales and David Allison of Manulife were responsible for the transaction and completed it with the assistance of Larry Verdon, David Ee and Pearl Ng. Bruce McKenna, Bill Rowlands and François Potvin of Lang Michener represented Manulife. Lauren Braithwaite, Arthur Evans and John Comery of Cambridge Shopping Centres Limited were represented by John Handiak and Jane Ambrosino of McLean and Kerr.