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Ferry building sale price no secret

B.C. Ferries' plan to move offices is making headlines in today's Victoria Times Colonist.

The publicly owned company is planning to move into 90,000 square feet of an under-construction building at 800 Yates Street owned by Jawl Properties, the story said. Meanwhile B.C. Ferries is selling its current building, the 52,957-square-foot Fleet House at 1112 Fort St. to the Jawls.

“The sales price is not being revealed,” reported the T-C, quoting B.C. Ferries president and CEO David Hahn saying the price was “favourable.”

But that information is publicly available, as The Tyee reported three weeks ago. According to B.C. Ferries second quarter report, the company will get $11 million for the building.

The T-C also reported that Hahn said the lease terms are confidential.

But according to B.C. Ferries' financial statements the company filed Nov. 26, “Future minimum lease payments over the initial lease term total approximately $47 million.”

The lease takes effect in July, 2010, with an initial term of 15 years with renewal options covering another 20 years.

Both the lease and the sale are subject to the new building being completed by May 31, 2011.

B.C. Ferries has also agreed to advance $25 million to the Jawls, “secured by a second mortgage of the property,” and has an option to purchase a one-half interest in the property.

In other Ferry news, the company completed a $140 million bond offering today. That brings B.C. Ferries' total long-term debt to nearly $1.26 billion, all of it accumulated since 2004.

Andrew MacLeod is The Tyee’s Legislative Bureau Chief in Victoria. Reach him here.

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