Ontrea sale of interest in RBC Centre
Torys acted as counsel to Ontrea in its C$300 million sale of its 50% co-ownership interest in the RBC Centre at 155 Wellington Street West in Toronto, Ontario to Ontario Pension Board.
On March 1, 2012, Ontrea Inc. ("Ontrea") completed its sale of 50% interest in the RBC Centre in Toronto, Ontario to Ontario Pension Board, through its subsidiary OPB (155 Wellington) Inc., for C$300 million.
The RBC Centre is a recently-built, 1.2 million square-foot AAA office tower in downtown Toronto. Royal Bank of Canada and RBC Dexia Investor Services make up 72% of the property's rentable area. The building recently attained LEED® Gold Certification, making it the largest LEED New Construction project in Canada to date.
A wholly-owned subsidiary of the Ontario Teachers' Pension Plan, Ontrea remains the owner of the other 50% interest in the building, with property management being provided by The Cadillac Fairview Corporation Limited.
The Torys' team was led by David Dell and included Elise Sieradzki (real estate), Omar Wakil (competition) and Nicole Hastings (tax).
Torys also acted on the following in connection with this project:
| Jurisdiction | Toronto |
| Province/State | Ontario |
| Country | Canada |
| Nature of Engagement | M&A, Real Estate |
| Client | Ontrea Inc. |
| Client Role | Seller |
| Value | $300,000,000 CAD |