Lexpert magazine features articles and columns on developments in legal practice management, deals and lawsuits of interest in Canada, the law and business issues of interest to legal professionals and businesses that purchase legal services.
Issue link: https://digital.carswellmedia.com/i/1544329
32 www.lexpert.ca Canadian Law Awards Canadian Law Awards MID-MARKET DEAL OF THE YEAR representing a 60 percent premium over the pre-announcement closing price. e transaction proceeded via a plan of ar- rangement under Ontario's Business Corpo- rations Act, requiring dual-class unit-holder approvals: a two-thirds supermajority of Trust Unit and Class B Unit holders voting together, and a separate simple majority ex- cluding Dream Unlimited, Pauls Corp. and their affiliates to address conflicts arising from their roles as both external asset managers and unitholders. e consideration was bi- furcated into a US$3.40 special distribution and a US$7.40 redemption amount, and the longstanding asset management agreements with Dream Unlimited and Pauls Corp. were terminated with a US$7 million separation payment approved by independent trustees. Osler, led by Alex Gorka, acted as lead Ca- nadian counsel to Dream Residential REIT. Goodmans, led by Jon Feldman and Brenda Gosselin, advised the special committee of independent trustees. Stikeman Elliott, led by John Ciardullo, served as Canadian coun- sel to Morgan Properties. THE MID-MARKET category in 2025 showcases the sophistication and complex- ity that characterize transactions in this space, where creative deal structuring and multi-party coordination are oen as de- manding as those seen in the largest deals. ese two Excellence Awardees reflect the diversity of mid-market activity, spanning cross- border real estate pri- vatizations and trans- formative media-sector transactions. A notable transac- tion is Morgan Properties' $491 million all-cash acquisition of Dream Residential REIT, a rare and complex cross-border privatization involving a Canadian-listed entity that exclusively owned US assets. Dream Residential REIT held a portfo- lio of 15 garden-style multi-residential properties comprising 3,300 units across Texas, Ohio, Kentucky, and Oklahoma. Unitholders received US$10.80 per unit, A NOTABLE TRANSACTION IS MORGAN PROPERTIES' $491 MILLION ALL-CASH ACQUISITION OF DREAM RESIDENTIAL REIT