News

Montréal, November 23 2010- Otéra Capital announced today that it has agreed to sell 1330 Avenue of the Americas for an amount of US$ 400 M. Otéra originally took possession of the property in 2009 through a foreclosure when its loan went into default. This sale allows Otéra to re-coup more than its original investment and while 1330 is a great asset, it is not in Otera's mandate to own properties for the long term, being first and foremost a lender. La Caisse de Dépôt et Placement du Québec, Otéra's parent company, currently owns a substantial amount of real estate in the New York area and was not looking to increase its holdings at the present time. The sale is due to close prior to December 31, 2010.

“We are happy to see the resurgence of office real estate in the New York market,” said Ross Brennan, President and Chief Executive Officer of Otéra Capital.  “Our patience paid off.”

About Otéra Capital

Experts in commercial real estate debt

Otéra Capital, as principal lender, offers a full range of commercial real estate financing; our integrated approach covers both term and construction loans, together with loan servicing and asset management. Otéra is also capable of offering an extensive range of debts products including syndications and securitizations. We are a subsidiary of the Caisse de dépôt et placement du Québec, one of the leading institutional fund managers in Canada.

Source and information

François Gaboury|Director Communications|Otéra Capital|(514) 847-5948 fgaboury@oteracapital.com