News

Montreal, February 12, 2009 - With Todd Schuster's decision to step down as head of CW Financial Services (CWFS), Otéra Capital recently purchased his interest in the Company, raising its stake to 81% and consolidating its position on the U.S. real estate financing market through the subsidiary.

Mr. Schuster, founder of CWFS and President and Chief Executive Officer since its inception in 1991, left the Company on February 2 at the end of a seven-year commitment made under the partnership agreement signed with the Caisse Real Estate Group in 2002. He has been replaced by Charles Spetka, who had led two CWFS subsidiaries since 2004, making a significant contribution to the Company's success and growth. Jean Lamothe, President and Chief Executive Officer of Otéra Capital, will continue to be Chairman of CWFS.

A comprehensive real estate finance and investment management company, CWFS consists of a vertically integrated family of firms that includes CWCapital, CWCapital Investments and CWCapital Asset Management. The CW group employs about 300 professionals at 12 offices across the United States.

About Otéra Capital
Otéra Capital is the subsidiary of the Caisse de dépôt et placement du Québec that handles all of the institution's real estate financing operations, offering underwriting, servicing, active management, syndication and securitization, with various products that include conventional mortgages and structured products. The Montréal-based Company is active in Canada, the United States and Europe. Otéra Capital is one of Canada's five main commercial mortgage lenders and is present on the U.S. market through CW Capital.  

Source and information

Marie Giguère
Vice-President 
Otéra Capital
(514) 847-2898
mgiguere@oteracapital.com