LEXPERT MAGAZINE
|
JUNE 2016 33
BIG REAL ESTATE
A LOOK AT THE SALE OF ALLSTATE CORPORATE CENTRE IN MARKHAM, ONTARIO; MORGUARD'S ACQUISITION OF A TORONTO
HOTEL PORTFOLIO AND AN OTTAWA APARTMENT RENTAL BUILDING; THE FINANCING OF TSAWWASSEN COMMONS POWER
CENTRE IN BRITISH COLUMBIA AND A $375-MILLION DEBENTURE OFFERING FROM OMERS REALTY CORPORATION
BCIMC SELLS ALLSTATE
CORPORATE CENTRE TO CROWN
REALTY AND CRESTPOINT
CLOSING DATE: MARCH 22, 2016
On March 22, 2016, British Columbia
Investment Management Corporation
(bcIMC) completed the sale of the Allstate
Corporate Centre comprising 11, 15, 19 and
27 Allstate Parkway and 80 Frontenac Drive
in Markham to Crown Realty Partners
(Crown) and Crestpoint Real Estate Invest-
ments Ltd. (Crestpoint) for a purchase price
of approximately $148,550,000.
Crown and Crestpoint acquired the port-
folio on behalf of their respective funds,
Crown Realty III Limited Partnership and
Crestpoint Real Estate Investments Lim-
ited Partnership.
bcIMC was represented by Stikeman El-
liott LLP with a team that included Mario
Paura, Neil Shapiro and Lisa Matchim.
Crown and Crestpoint were represented
by Cummings Cooper Schusheim Berlin-
er LLP with a team including Jeffrey Cum-
mings, Stanley Wax and Cheryl Richman.
MORGUARD HOTELS ACQUIRES
TORONTO HOTEL PORTFOLIO
CLOSING DATE: FEBRUARY 1, 2016
On February 1, 2016, Morguard Hotels
Limited acquired three hotels located at 221
and 231 Carlingview Drive and 17 Reading
Court in Toronto adjacent to the Pearson In-
ternational Airport.
e portfolio of hotels was purchased
from Niagara Suites Limited Partnership
and Atwell Hotel Limited Partnership (to-
gether, the Sellers) respectively for a purchase
price of $33,500,000 and includes two hotels
under the Marriott banner, Courtyard by
Marriott and Residence Inn by Marriott, as
well as Hotel Carlingview Toronto Airport.
Beverley Flynn, General Counsel and
Secretary of Morguard Corporation in-
structed McMillan LLP with a team led by
David Slan and Craig Harkness and includ-
ing Bruce McKenna, Robert Shore, Annik
Forristal and Mitchell Allison (real estate),
Adam Kline (corporate), Carl Irvine (tax),
Dave McKechnie (employment) and Sha-
ron Groom (intellectual property). William
Lehun of Minden Gross LLP advised on
liquor licensing matters.
e Sellers were represented by Rich-
ard Critchfield of Delray Beach USA and
by Borden Ladner Gervais LLP with a
team led by Fred Enns and Noella Milne
and including Rob Weir, James Fu, Joseph
Takhmizdjian and Kevin Bianchini.
e acquisition included a $20,000,000
credit facility with Royal Bank of Canada
represented by McCarthy Tétrault LLP in-
cluding Jonathan See and Andréa Armborst.
FINANCING OF TSAWWASSEN
COMMONS POWER CENTRE
CLOSING DATE: NOVEMBER 2, 2015
On November 2, 2015, Tsawwassen De-
velopment Power Centre Limited Partner-
ship and PDG Tsawwassen Holdings Ltd.,
as co-borrowers (together, TDPC), entered
into non-revolving term construction and
non-revolving letter of credit facilities in the
aggregate principal amount of $116,750,000,
provided by a syndicate of lenders led by
Otéra Capital Inc., as administrative agent
(Otéra). e purpose of the new facilities is to
finance the construction and development of
the project lands and the retail power center
known as "Tsawwassen Commons" in Tsaw-
wassen, British Columbia — a landmark
550,000 sq retail development.
Bull, Housser & Tupper LLP repre-
sented TDPC with a team consisting of Max
Collett, Nathaniel Misri, Alexander Fane
and Olga Rivkin.
Gowling WLG represented Otéra with a
team consisting of Derek Winnett and Mat-
thew Mitchell.
MORGUARD NORTH AMERICAN
RESIDENTIAL REIT ACQUIRES
OTTAWA APARTMENT BUILDING
CLOSING DATE: FEBRUARY 1, 2016
On February 1, 2016, Morguard North
American Residential REIT acquired a 21
storey, 370 suite rental apartment building
located at 160 Chapel Street in Ottawa.
e apartment building was purchased
from Morguard Residential Properties (1)
Inc. for a purchase price of $67,000,000.
Beverley Flynn, General Counsel and Sec-
retary of Morguard Corporation instructed
McMillan LLP with a team led by Craig
Harkness and David Slan and that included
Mary Flynn-Guglietti, Robert Shore and
Mitchell Allison.
e Vendor was represented by McCarthy
Tétrault LLP with a team that included
Danny Grandilli and Andréa Armborst.
e acquisition included an approxi-
mately $38.6 million credit facility with the
Toronto-Dominion Bank represented by
McCarthy Tétrault LLP with a team that
included Tzen-Yi Goh and Michael Kershaw.
OMERS REALTY
CORPORATION COMPLETES
$375M DEBENTURE OFFERING
CLOSING DATE: FEBRUARY 23, 2016
On February 23, 2016, OMERS Realty Cor-
poration (ORC) completed a private place-
ment of $375 million aggregate principal
amount of 2.858 per cent Series 7 debentures
due February 23, 2024. e Series 7 deben-
tures were offered on a private placement
basis through a syndicate of agents co-led by
TD Securities Inc., CIBC World Markets
Inc. and RBC Dominion Securities Inc., and
including HSBC Securities (Canada) Inc.,
Scotia Capital Inc. and Wells Fargo Secur-
ities Canada, Ltd.
e net proceeds from the sale of the Ser-
ies 7 debentures will be used to repay certain
indebtedness of ORC.
ORC was represented by McCarthy Té-
trault LLP with a team that included An-
drew Armstrong, Leslie Milroy, Blake Jones
(securities), Patrick McCay and Stefanie
Morand (tax).
e agents were represented by Good-
mans LLP with a team that included Allan
Goodman and Lyndsay Hatlelid (securities)
and Juli Morrow (real estate).
| REAL PROPERTY TRANSACTIONS OF IMPORTANCE |
