Date Closed

April 13, 2006

Lead Office

Montréal

On April 13, 2006, a company controlled by The BUSAC Real Estate Group (BUSAC) closed the largest Canadian single asset Credit Tenant Lease (CTL) transaction in recent years, monetizing all of its equity interest in the larger part of the real estate development comprising a 296,696 square foot university pavilion, a 149,241 square foot indoor bus terminal, a 307,353 square foot office building, a 500 -stall underground parking facility and 376,000 square feet of student residences totalling over 1000 units.

On March 30, 2005, BUSAC had acquired a property totalling approximately 225,000 square feet in downtown Montreal for the purpose of building a 1.5 million square foot mixed-use institutional, office, retail and residential integrated complex, the aggregate cost of which will be approximately $390 million, in accordance with development agreements entered into with Université du Québec à Montréal (UQAM), as owner of two components and lessee in respect of the remaining three components.

The 33-year financing put in place at a very early stage of the project is designed to provide both construction and long-term financing for three of the five components of the entire complex.

McCarthy Tétrault LLP represented BUSAC, with a team led by Pierre-Denis Leroux.