Village on False Creek commercial properties sold for $45 million

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      The court-appointed receiver has sold commercial land at the former Olympic Village, now known as the Village on False Creek.

      Ernst & Young Inc. declared in a news release that it generated $45 million from the sale to First Capital Realty.

      The city is a large creditor for SEFC Properties Ltd., previously known as Millennium Southeast False Creek Properties Ltd.

      This means that the city will receive a "significant distribution", according to Ernst & Young senior vice president Craig Munro.

      "This sale, along with the recent sale of the residential units earlier this year, demonstrates the strength of private sector confidence in the success of the development," Munro said in the news release.

      In its last report on October 31, Ernst & Young revealed that it had retained CRBE's national investment team at a cost of $100,000 to assist on a marketing plan.

      According to the document, the real-estate marketer would receive an additional fee, capped at $650,000, if the receiver concluded a sale in excess of the offer.

      Because that didn't occur, no bonus is forthcoming.