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Manulife Financial and Cambridge Shopping Centres exchange properties Manulife acquires Markborough Place Towers in Mississauga while Cambridge assumes ownership of Southcentre Executive Tower in Calgary Toronto – Manulife Financial and Cambridge Shopping Centres Limited have exchanged two properties from their real estate portfolios in a move that allows both companies to align with their long-term strategic plans. Manulife has acquired Markborough Place Towers, a Class-A, 387,000 square foot, 3 building complex in northwest Mississauga. In return, Cambridge received a cash payment and assumed ownership of Southcentre Executive Tower, a property adjacent to its existing Southcentre Mall in Calgary. “The exchange supports our strategic plan to expand our real estate portfolio in the Greater Toronto Area,” said David Allison, Vice President, Real Estate Investments for Manulife Financial. “Similarly in Calgary, it allows us to concentrate on our operations in the city’s downtown core where we own and manage three other properties,” added Mr. Allison. “The opportunity to acquire an additional property adjacent to our Southcentre Mall was very strategic for us,” said J. Lorne Braithwaite, President and CEO of Cambridge Shopping Centres Limited. “The sale of Markborough Place Towers is consistent with our strategy to divest office properties that are not adjacent to our regional shopping centres.” Markborough Place Towers is located on a mature, 13.5-acre site on the southeast corner of Highway 401 and Erin Mills Parkway in Mississauga. The complex consists of a 130,000 square foot, seven-storey building built in 1981; a 144,000 square foot, eight-storey building built in 1991; and a new 113,000 square foot, six-storey building which was completed in summer 2000. Additional density on the site allows for the development of a fourth tower, however, Manulife has no immediate plans for expansion. Manulife will also assume the management and leasing of the complex. Southcentre Executive Tower is a 112,500 square foot, eight-storey building located on Macleod Trail and 114th Avenue in south Calgary. Built in 1979, the building is conveniently located on Calgary’s LRT line and is adjacent to the expansive, 948,000 square foot regional shopping complex, Southcentre Mall, also owned by Cambridge Shopping Centres. Cambridge will also assume the management and leasing of the building. About Cambridge Shopping Centres Limited Cambridge Shopping Centres Limited is a premier real estate company focused on super-regional and regional shopping centres. The company’s core portfolio consists of 40 shopping centres across Canada, comprising 27 million square feet of rentable area, of which it owns 18 million square feet. The company is a subsidiary of Ivanhoe Inc., one of the largest property management, development and investment companies in Canada, owned by five pension funds including the Caisse de dépôt et placement du Québec. Cambridge’s Internet address is www.cambridgemalls.com. About Manulife Financial Through its Real Estate Division, Manulife Financial is actively involved in the ownership, development and management of commercial real estate across North America. The portfolio includes a diversified mix of office, industrial, retail and residential properties totaling more than 22 million square feet. Manulife Financial is a leading Canadian-based financial services company operating in 15 countries and territories worldwide. Through its 28,000 employees and agents, together with a network of distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial (Manulife Financial Corporation and its affiliated companies) were Cdn$126.2 billion as at September 30, 2000. Manulife Financial Corporation trades as ‘MFC’ on the TSE, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. - 30 - For more information, please contact:
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