LEXPERT MAGAZINE
|
NOVEMBER/DECEMBER 2018 31
| REAL PROPERTY TRANSACTIONS OF IMPORTANCE |
A LOOK AT CADILLAC FAIRVIEW'S ACQUISITION OF 100% OF THE RITZ-CARLTON IN TORONTO; LASALLE CANANDA PROPERTY BUYING
AN INTEREST IN OTTAWA'S MINTO PLACE; AS WELL AS AIMCO REALTY INVESTORS LP IN ITS PURCHASE OF EDMONTON TOWER,
WHICH IS A RETAIL AND OFFICE COMPLEX IN THE HEART OF THE MIXED-USE URBAN DEVELOPMENT KNOWN AS "ICE DISTRICT"
CADILLAC FAIRVIEW ACQUIRES
100% OWNERSHIP OF THE
RITZ-CARLTON IN TORONTO
On June 4, 2018, Cadillac Fairview Corp.
Ltd. announced that it acquired the interest
of Simcoe Wellington Hotel LP, making it
the 100% owner of e Ritz-Carlton, To-
ronto. As part of this transaction, Marriott
International will continue to operate the
hotel under e Ritz-Carlton brand.
Cadillac Fairview was represented in-
house by Peter Barbetta. Torys LLP pro-
vided external support with a team that in-
cluded David Dell and Josh Daniels.
Simcoe Wellington Hotel LP was repre-
sented by Blake, Cassels & Graydon LLP
with a team that included Chris Huband and
Jason Kolarich.
LASALLE CANADA PROPERTY FUND
ACQUIRES INTEREST IN OTTAWA'S
MINTO PLACE FOR $135M
On August 2, 2018, LaSalle Canada Prop-
erty Fund completed the acquisition of a
33.33% interest in one of Ottawa's most
prestigious office complexes, Minto Place,
from Minto Properties Inc., Minto (Kent
St.) Inc. and Investors Real Property Fund
for $135 million.
Fasken Martineau DuMoulin LLP
represented LaSalle Canada Property Fund
with a team comprised of Andrea Centa, Al-
lyson Roy, Jennifer Parker and Joanne Mead-
owcro (real estate) and Douglas New (com-
petition). LaSalle Canada Property Fund
was also represented by Robert Hull, Edward
Johnston and Michael Bussman at Gowling
WLG (Canada) LLP in respect of corporate
and tax matters.
Soloway Wright LLP acted for Minto
Properties Inc. and Minto (Kent St.) Inc.
with a team comprised of
Terilynn Anderson, Daniel
Coderre and Gayle Herman.
Blake, Cassels & Gray-
don LLP acted for Investors
Real Property Fund with
a team comprised of Chris
Huband, Randy Savela and Lidia D'Amata
(real estate) and Joshua Krane (competition).
AIMCO REALTY INVESTORS
LP ACQUIRES EDMONTON
TOWER IN ICE DISTRICT
On July 5, 2018, AIMCo Realty Investors
LP (AIMCo) completed its acquisition of
Edmonton Tower, a new 27-story office and
retail complex in the heart of the ICE Dis-
trict, from the Katz Group. Terms of the
transaction were not disclosed.
ICE District is a major, fully integrated
mixed-use urban development.
AIMCo was represented by Vince Imerti,
Neil Shapiro, Michael Dyck, Alexandra
Peng, Hersh Gupta, (real estate), Nancy Ra-
malho (employment), Michael Kilby, Wil-
liam Wu (competition) and Shawn Smith
(IP) of Stikeman Elliott LLP.
Katz Group was represented by Darlene
Scott and Ameen Tejani of Dentons Cana-
da LLP.
ALLIED PROPERTIES REIT COMPLETES
$299M PUBLIC EQUITY OFFERING
On June 22, 2018, Allied Properties Real
Estate Investment Trust (Allied Proper-
ties REIT) completed a public offering of
7,293,300 units (inclusive of 951,300 units
issued pursuant to the exercise in full of the
underwriters' over-allotment option) at a
price of $41.00 per unit for gross proceeds of
just over $299 million. e units were offered
on a bought deal basis by a syndicate of un-
derwriters led by Scotiabank, RBC Capital
Markets and Goldman Sachs Canada Inc.,
and including BMO Nesbitt Burns Inc.,
CIBC World Markets Inc., TD Securities
Inc., National Bank Financial Inc., Canac-
cord Genuity Corp., Desjardins Securities
Inc. and Raymond James Ltd.
Aird & Berlis LLP represented Allied
Properties REIT with a team comprised of
Margaret Nelligan, Sherri Altshuler, Anne
Miatello, Melanie Cole, Daniel Everall, Liam
Tracey-Raymont and Amy Marcen-Gaudaur
(corporate and securities), Mike Smith and
Aaron Silver (real estate) and Carol Burns (tax).
Stikeman Elliott LLP represented the
syndicate of underwriters as Canadian coun-
sel with a team comprised of David Wein-
berger, Cara Cornacchia and Alex Carmona
(corporate and securities), Melissa Schyven
and Ciaron Czajkowski (real estate) and Jill
Winton (tax).
INTERRENT REIT COMPLETES
$115M BOUGHT DEAL FINANCING
On August 9, 2018, InterRent Real Estate
Investment Trust (InterRent) successfully
completed a public offering of 10,798,500
trust units from treasury, including the full
exercise of the over-allotment option granted
to the underwriters, for gross proceeds of
$115,004,025. e offering was made on
a bought deal basis pursuant to an under-
writing agreement with a syndicate of under-
writers co-led by Desjardins Capital Markets
and Scotia Capital Inc.
InterRent is engaged in increasing Unit-
holder value through the acquisition and
ownership of multi-residential properties.
Gowling WLG (Canada) LLP advised
InterRent on this offering with a team that
included Michael Clancy, Bryce Kraeker
and Radhika Vaidyanathan (corporate) and
Steven Baum and Paul Carenza (tax). Harris
Beach, PLLC represented InterRent on US
securities law matters with a team consisting
of Amanda Dwyer and Seth Hiland.
Norton Rose Fulbright Canada LLP
represented the syndicate
with a team that consisted
of Evelyn Li, Bruce Sheiner,
Mark Bissegger, Adrienne
Oliver (tax), and Oliver
Moore and Joshua Sprague
(real estate).
BIG REAL ESTATE
