Deals Case Studies: British Columbia Investment Management Corporation

British Columbia Investment Management Corporation acquired CHIP REIT acquirer advised by

Issue

British Columbia Investment Management Corporation (bcIMC), a pension fund with approximately $85 billion under management, wanted to acquire CHIP REIT, a publicly traded income trust, to establish its hospitality portfolio.

PwC approach

Our Transactions team provided an integrated service to bcIMC, which included financial, accounting, corporate tax, indirect tax, IT and post-retirement benefits due diligence. In addition to the due diligence phases, PwC also supported bcIMC and its other external advisors throughout the various stages of the acquisition, including drafting of the share purchase agreement and tax structuring.

Client benefits

As a result of our team’s integrated and phased approach, the business was evaluated in an efficient and effective manner. The transaction materialized and bcIMC began to leverage the CHIP REIT management team and platform with the acquisition of Delta Hotels, another transaction in which PwC provided the same services mentioned above.

PwC Specialist

Brian Pawluck (CA, CIRP, CFE) has advised clients on acquisitions, financings, restructurings and divestitures for over 25 years. These assignments have been in a wide range of industries. Brian has represented a diverse group of stakeholders including lenders, company management, equity investors, the courts and various levels of government.