Standard Life completes US$122 million mortgage refinancing of Royal Centre in Vancouver

On May 31, 2008, The Standard Life Assurance Company of Canada completed a $122 million mortgage refinancing of Royal Centre office tower and retail centre in Vancouver. Hyatt Equities, LLC, owner of the adjacent Hyatt hotel, was represented by James Piers, Carmine Boskovich and Sarah Batut of Fasken Martineau. Hyatt leases from Brookfield part of the Royal Centre for its hotel use and Brookfield leases part of Hyatt's property for retail use. As result, Standard Life required Hyatt's consent to the security being given and a complex non-disturbance agreement which was negotiated.