Transaction|Retail and Office Properties
Ontrea sells 50% 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. 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.
Ontrea Inc., a wholly-owned subsidiary of the Ontario Teachers' Pension Plan, remains the owner of the other 50% interest in the building, with property management being provided by The Cadillac Fairview Corporation Limited.
Ontrea Inc., a wholly-owned subsidiary of the Ontario Teachers' Pension Plan, remains the owner of the other 50% interest in the building, with property management being provided by The Cadillac Fairview Corporation Limited.
Torys acted as counsel to Ontrea with a team that included David Dell and 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 | Real Estate, M&A |
| Client | Ontrea Inc. |
| Client Role | Seller |
| Value | $300,000,000 CAD |