has so far kept little more than half its real estate investment in Canada, because as both a provincial government institution and pension fund manager, its investment income is not taxed.
This subsidiary, now called SITQ
Immobilier, remains Paquin's employer to this day.
When the Caisse wanted to expand out of Quebec in 1996, it invested C$50 million in Bentall Corporation, Vancouver, through subsidiary SITQ
It partnered with Canadian real estate company SITQ
Immobilier on the deal, and earlier this year, SL Green bought out SITQ
's stake to take full control of the building, which is now valued at $1.
SL Green and SITQ
replaced the former $625 million mortgage that was due to mature in November this year with longer-term financing.
Immobilier acquired 50% interest in a 25-storey office
Louiselle Paquin, a CMA and first vice-president of finance and protfolio management for SITQ
, a large real estate promoter in Montreal, agrees.
SL Green President Andrew Mathias said, "This is another in a line of highly successful joint ventures with SITQ
, and we look forward to joining SITQ
in making future investments.
The billion-dollar project, which includes two office towers, is being built on speculation and is financed by SITQ
, Canada's biggest pension fund manager, and bcIMC, another institutional investor.