Canada Life Sells Sherway Gardens

Business Wire,  Oct 12, 2000  

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Business Editors

TORONTO--(BUSINESS WIRE)--Oct. 12, 2000

Canada Life Financial Corp.(TSE:CL.) (NYSE:CLU) today announced the sale of its 100 per cent interest in Sherway Gardens Shopping Centre to Ontrea Inc., a wholly owned subsidiary of the Ontario Teachers' Pension Plan Board.

The property will be leased and managed by The Cadillac Fairview Corporation Limited, also a wholly owned subsidiary of Ontario Teachers'.

The sale of the property represents a continuation of Canada Life's strategy over the past number of years to reduce its real estate investments, which is in line with the international and domestic trend in the financial services sector.

"While Sherway Gardens delivered excellent returns on Canada Life's investment over the years, the sale will facilitate an appropriate rebalancing of our investment portfolio, improving liquidity and diversification," said David Nield, Chairman, President and Chief Executive Officer. "We believe we have received a fair price for an exceptional quality property."

Canada Life has owned Sherway Gardens since 1978 as the cornerstone of its real estate holdings. It is a 975,000 square foot super-regional shopping centre and one of Canada's leading shopping destinations, located in the heart of the Greater Toronto Area near the intersection of The Queen Elizabeth Way (QEW) and Highway 427. The centre serves as home to more than 200 national and international retailers offering a wide range of high quality merchandise and services.

Scotia Capital Inc. acted as Canada Life's financial advisor in connection with the transaction.

Canada Life Financial Corporation, established in 1999, is the holding company for The Canada Life Assurance Company and is traded on the Toronto Stock Exchange under the symbol "CL" and the New York Stock Exchange under the symbol "CLU". The Canada Life Assurance Company, founded in 1847, is the oldest Canadian life insurance company and one of the largest. Headquartered in Toronto, Canada, the company has total assets under administration in excess of $56 billion and operates across Canada, the United States, Ireland and the United Kingdom, with recent acquisitions and joint ventures in numerous countries.

All figures stated are in Canadian dollars.

Note to Photo Editors: An aerial photograph of Sherway Gardens is available. Please check www.canadalife.com or via CP Digital Photo Network via Canadian Corporate News.

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