TORONTO, Nov. 5, 2013 /CNW/ - Sun Life Assurance Company of Canada, a
leading provider of commercial mortgages in North America and a wholly
owned subsidiary of Sun Life Financial Inc., advanced a $140 million
term mortgage on October 31, 2013 to Shape Properties (Abbotsford West)
Corp., developer of the new 600,000 square foot Highstreet Shopping
Centre in Abbotsford, British Columbia.
"Sun Life is pleased to enter into this large-scale financial agreement,
helping to build a new and environmentally friendly shopping complex,"
said Philip Gillin, Senior Managing Director, Canadian Property
Investments, Sun Life Financial. The multi-million dollar deal is the
largest conventional mortgage investment in Sun Life Financial's
history. "This is a new and exciting venture that is bringing growth,
vibrancy and sustainability to the local economy, and is also
consistent with our focus on high quality, long-term investments."
The Highstreet Shopping Centre is located in the Fraser Valley, just
over 60 kilometres from downtown Vancouver. The open air regional
shopping complex, built by Shape Properties, features a three-level
design with main street style shopping, dining, entertainment and other
services. An anchor store is located on the lower underground level as
well as 1,400 parking spots. The multi-level property stacks retail and
parking on 20 acres of land, approximately one-third of the land area
required for a project of this size with traditional surface parking.
"In addition to the unique features of this shopping centre, Sun Life
is particularly pleased to be supporting initiatives that align with
our views on sustainability," said Gillin.
"We are extremely proud of this shopping centre and excited to be part
of the Abbotsford community. A collaborative effort between Shape
Properties and Sun Life Financial on the mortgage financing made this
project possible and a true success," said John Horton, President,
Shape Properties Corp.
Highstreet Shopping Centre is owned by Shape Properties (Abbotsford West) Corp., a company holding the property on behalf of HOOPP (Healthcare of Ontario Pension
Plan) and Shape Properties. Shape Properties is based in Vancouver,
British Columbia and is one of Western Canada's most active fully
integrated real estate companies.
Sun Life Assurance Company of Canada is a major institutional investor,
with $105 billion in general account assets as of June 30, 2013. This
includes over $12 billion in commercial mortgages, the majority of
which are long-term fixed-rate loans in the retail, office, industrial
and multi-family residential sectors. In 2012, Sun Life Assurance
Company of Canada committed to 128 commercial mortgage loans for a
total of $1.1 billion in Canada and 69 loans for a total of US$931
million in the United States.
Note to Editors: All figures in Canadian dollars unless indicated.
About Sun Life Financial
Sun Life Assurance Company of Canada is a wholly owned subsidiary of Sun
Life Financial Inc. and a member of the Sun Life Financial group of
companies. Sun Life Financial is a leading international financial
services organization providing a diverse range of protection and
wealth accumulation products and services to individuals and corporate
customers. Sun Life Financial and its partners have operations in key
markets worldwide, including Canada, the United States, the United
Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India,
China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June
30, 2013 the Sun Life Financial group of companies had total assets
under management of $591 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
SOURCE: Sun Life Financial Inc.
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