On April 10, 2006, CN Pension Fund sold its 75% co-ownership interest in the Hudson's Bay Centre in Toronto to Brookfield Properties Inc.
The Hudson's Bay Centre is one of Toronto's most complex real property sites involving three co-ownership interests, long-term ground leases, subway easements, an office building, retail, a Hudson's Bay Store, an apartment building, a hotel and a condominium project and complex parking arrangements. A complex cost-sharing agreement permits the divergent interests to operate as a single site.
Fasken Martineau acted for CN Pension Fund with respect to the sale. David Salomon had overall responsibility for the transaction and was assisted by Craig Carter of the real estate group, Angela Gill, law clerk, and Graciela Cubias.