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In this paper, we consider the transmission coordination among multiple cell sites, namely the Coordinated MultiPoint (CoMP) transmission scheme, where several Base Stations (BSs) cooperate to serve a set of Mobile Stations (MSs) and both BSs and MSs are equipped with multiple antennas. We model this multicell cooperative system under the presence of channel estimation errors that can significantly influence the obtained results. We derive the exact sum rate expression of the multicell cooperative system in the presence of channel estimation errors and we evaluate the performance of the Block-Diagonalization (BD) and Zero-forcing (ZF) beamforming approaches. Furthermore, we investigate a power allocation policy that maximizes the system sum rate in the presence of channel estimation errors. We show that in the multicell cooperative system, the performance of the BD or ZF beamforming approaches in terms of the maximization of the system sum rate, depends essentially on the system configuration parameters (i.e., number of antennas per BS and per MS). Simulation results are given to support our claims.