ICBC sells its interest in the Central City Project

Date Closed: 08/01/2007

Value: Excess of C$200 million

Surrey City Centre Mall Ltd., a wholly owned subsidiary of the Insurance Corporation of British Columbia, sold its interest in the Central City project, in Surrey, British Columbia to Surrey CC Properties Inc., effective August 1, 2007.  The purchase price was well in excess of $200,000,000, making it the largest single asset transaction in British Columbia history.