TORONTO, March 12, 2012 /CNW/ - Toronto Port Lands Company (TPLC) is pleased to announce the sale of their award-winning Corus Quay state-of-the-art broadcast and office facility. The signature waterfront property was sold to Corus 25 Dockside Property Inc., a subsidiary of Corus Entertainment Inc. (TSX: CJR.B) for $186 million.
The new waterfront landmark for the City of Toronto is LEED (Leadership in Energy and Environmental Design) Gold certified. Designed by internationally acclaimed Diamond Schmitt Architects, the development combines vibrant design, minimalism and efficiency. The 485,000 square foot property is located at 25 Dockside Drive with Corus Entertainment Inc. as the principal tenant until December 31, 2029.
"Corus Quay is a fantastic building and I congratulate Toronto Port Lands Company for delivering the development on time and on budget," says Mayor Rob Ford. "This is a great contribution to our City that kept hundreds of jobs in Toronto, increased tax revenues and reconnected the City to our waterfront."
This premier property received multiple offers thereby maximizing the value of the asset. TPLC will generate a significant dividend back to its shareholder, the City of Toronto, from the proceeds of this sale.
"Corus Quay allowed Corus Entertainment to realize their corporate goals," says Michael Kraljevic, President & CEO Toronto Port Lands Company. "The property is a prime example of what can be achieved through public and private sector collaboration to support economic development and the regeneration of Toronto's waterfront."
RBC Capital Markets Realty Inc. ("RBC") was retained by TPLC to arrange the sale of its 100% freehold interest in Corus Quay. Sister corporation Build Toronto acted as consultant in connection with the sale transaction.
As one of the most significant commercial developments in the City's new downtown waterfront neighbourhood, Corus Quay was a catalyst in transforming a former derelict industrial site to a new destination for Torontonians. More than 1,000 employees now work here in desirable knowledge-based and creative jobs. Corus Quay's waterfront location boasts ground floor radio and television studios, adjacent public spaces, waterfront restaurant and significant public art by award-winning UK-based artists Troika.
About Toronto Port Lands Company (TPLC)
Toronto Port Lands Company was created in 1986 by the City of Toronto as an arm's length, self-financing Ontario Business Corporation with the City as sole shareholder. It is the largest landowner in the port lands with more than 400 acres in its portfolio. TPLC successes also include attracting Pinewood film studios to the port lands and the City's first LEED industrial building, Canpar. TPLC also provides environmental stewardship to the area working closely with various government ministries and bodies. TPLC proactively manages its assets, facilitates development in the port lands, creates employment and contributes to the broader City building and economic development goals working closely with the private and public sector. For more information please visit www.tplc.ca.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing and children's animation. The Company's multimedia entertainment brands include YTV, Treehouse, Nickelodeon (Canada), W Network, OWN: Oprah Winfrey Network (Canada), CosmoTV, Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can Press and radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the web at www.corusent.com.
Image with caption: "Corus Quay City Centre. Photo: Richard Johnson (CNW Group/Toronto Port Lands Company)". Image available at: http://photos.newswire.ca/images/download/20120312_C3551_PHOTO_EN_11009.jpg
Image with caption: "Corus Quay interior looking toward the lake showing biowall and public art. Photo: Richard Johnson (CNW Group/Toronto Port Lands Company)". Image available at: http://photos.newswire.ca/images/download/20120312_C3551_PHOTO_EN_11010.jpg
For further information:
VP Corporate Affairs
Toronto Port Lands Company (TPLC)
416 479 6107