Canadian Bank CIBC is to sell its real estate arm CIBC Development Corporation and its portfolio of commercial property totalling 1.3m m2.
The properties to be offered for sale include Commerce Court in Toronto, La Tour CIBC in Montreal, Commerce Place Vancouver, Commerce Place Edmonton and Commerce Place Hamilton, as well as other real estate investments the company has acquired and developed since inception.
In addition to its wholly-owned properties, CIBC Development Corporation has established joint venture relationships with US and Canadian co-investors, and provides asset management, property management, development management and leasing services to these partners. CIBC Development Corporation also manages the CIBC pension plan’s investment in real estate.
The company currently employs over 400 people in 12 offices, as well as a number of satellite operations across the country. CIBC Development Corporation’s corporate real estate division, which manages CIBC’s extensive office and branch network, will stay with CIBC.
Canada Newswire, 12 August 1999
