LEXPERT MAGAZINE
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NOVEMBER/DECEMBER 2016 33
BIG REAL ESTATE
Gallop, Kevin Ackhurst, Michael Horvat,
Barry Segal, Michael Sabusco, Michael Li-
eberman, Jacob Cawker, Christopher Hunter,
Jeffrey Spiegel, Michael Wong and Jenny Yoo.
AIMCO AND KINGSETT ACQUIRE
50% STAKE IN SCOTIA PLAZA
FROM DREAM OFFICE REIT
CLOSING DATE: JUNE 30, 2016
On June 30, 2016, AIMCo Realty Inves-
tors LP ("AIMCo") and KingSett Cana-
dian Real Estate Income Fund LP ("King-
Sett") completed their acquisition of 50
per cent of an undivided interest in Scotia
Plaza and surrounding assets from Dream
Office R EIT ("Dream Office") and H&R
R EIT ("H&R"). Dream Office continues
to own the remaining 50-per-cent interest
in Scotia Plaza.
e 68-storey Scotia Tower is located in
the heart of Toronto's financial district.
AIMCo was represented by Stikeman
Elliott LLP with a team that included
Vince Imerti, Dana Porter, Brady Mc-
Leod, Tara Mandgjee, Kasia Kimic (real
estate), and Michael Kilby and Ashley
Piotrowski (competition).
KingSett was represented by Bennett
Jones LLP with a team consisting of Paul
Mantini, Simon Crawford, Kyle Genga,
Jane Helmstadter, Craig Garbe, Natalia
Iamundo, Jacob Dubelaar and Adam Kal-
bfleisch (competition).
Dream Office was represented by Osler,
Hoskin & Harcourt LLP with a team that
included Stella Di Cresce, Adrian Hartog,
Daniel Michaels, Eric Choi (real estate),
Doug Marshall (corporate) and Shuli
Rodal (competition).
H&R was represented by Goodmans
LLP with a team that included Juli Mor-
row and Andrew Wiseman (real estate) and
Richard Annan (competition).
MAPLE RED ACQUIRES MAJORITY
INTEREST IN OFFICE TOWER COMPLEX
CLOSING DATE: APRIL 19, 2016
On April 19, 2016, Maple Red Financial
Management Canada Inc. completed the
acquisition from BTC Properties II Ltd.,
a subsidiary of Ivanhoe Cambridge, of an
undivided 60-per-cent interest in Tow-
ers I, II and III and Pender Parkade of the
Bentall Centre, an undivided 75-per-cent
interest in Tower IV and urlow Parkade
of the Bentall Centre, and an undivided
71.88-per-cent interest in the ALRT Con-
nector of the Bentall Centre.
e transaction was one of the largest
real estate transactions in Canada so far in
2016. e Bentall Centre, a city-wide icon,
is a Class "A" office tower complex located
in Vancouver's downtown financial core.
Across all four towers, Bentall Centre con-
tains around 1.3 million rentable square
feet of office space and around 145,000
square feet of retail space.
Maple Red was represented by Scott
Smythe, Craig Shirreff, Oliver Borgers and
Michelle Siu (competition and foreign in-
vestment) of McCarthy Tétrault LLP.
Ivanhoe Cambridge was represented in-
house by Denis Boulianne, Alexandra Popa
and Kelly Marcotte; and by Greg Howard,
David Reiner, Alysha Virani and Anita
Banicevic (competition and foreign invest-
ment review) of Davies Ward Phillips &
Vineberg LLP. Beverly Ellingson of Terra
Law Corp. acted as Ivanhoe Cambridge's
local counsel in British Columbia.
WPT INDUSTRIAL REIT COMPLETES
BOUGHT-DEAL FINANCING,
CONCURRENT PRIVATE PLACEMENT
CLOSING DATE: JULY 19, 2016
WPT Industrial Real Estate Investment Trust
("the REIT") completed a public offering of
6,244,385 trust units at a price of US$11.05
per unit for gross proceeds to the REIT of ap-
proximately US$69 million, including the full
exercise of the over-allotment option.
Concurrent with the public offering,
Alberta Investment Management Corp.
(AIMCo) purchased 1,357,475 units of
the R EIT, on behalf certain of its clients,
at a price of US$11.05 per unit, on a non-
brokered private-placement basis, for gross
proceeds to the R EIT of approximately
US$15 million.
e offering was made through a syndi-
cate of underwriters that was co-led by Des-
jardins Securities Inc., CIBC Capital Mar-
kets and RBC Dominion Securities Inc.,
with Desjardins Securities Inc. and CIBC
Capital Markets acting as joint bookrun-
ners, and including BMO Nesbitt Burns
Inc., National Bank Financial Inc., GMP
Securities L.P., Scotia Capital Inc. and TD
Securities Inc.
e REIT was represented internally by
Matthew Cimino (General Counsel and
Secretary). Blake, Cassels & Graydon LLP
acted as Canadian counsel to the REIT, with
a team that included William Fung, Matthew
Merkley, Alison Desipio and Yousaf Khan (se-
curities) and Andrew Spiro and Sabrina Wong
(tax). Briggs and Morgan, Professional As-
sociation acted as US counsel to the REIT
with a team that included Nathan List (secur-
ities) and James Duffy (tax).
e syndicate of underwriters were
represented by Davies Ward Phillips &
Vineberg LLP, with a team in Canada that
included Jim Reid and Jared Solinger (se-
curities) and Raj Juneja and Chris Ander-
son (tax); and a team in the United States
that included Scott Fisher (securities) and
Peter Glicklich and Heath Martin (tax).
AIMCo was represented internally by
Brad Cowburn and Jon Reay. Torys LLP
acted as counsel to AIMCo with a team
that was composed of John Emanoilidis,
Michael Zackheim, Robert Shaw and Jacob
Posen (securities).
SMARTREIT COMPLETES ISSUE OF
SENIOR UNSECURED DEBENTURES
CLOSING DATE: AUGUST 30, 2016
On August 30, 2016, Smart Real Estate In-
vestment Trust ("SmartR EIT") completed
a $350 million aggregate principal amount
issue of senior unsecured debentures. e
issue included (i) $100 million principal
amount of Series O senior unsecured de-
bentures that carry an annual coupon rate
of 2.987 per cent and will mature on Au-
gust 28, 2024, and (ii) $250 million prin-
cipal amount of Series P senior unsecured
debentures that carry an annual coupon
rate of 3.444 per cent and will mature on
August 28, 2026. e issue was offered by
a syndicate of dealers that was co-led and
book-run by CIBC Capital Markets and
BMO Capital Markets.
Osler, Hoskin & Harcourt LLP acted
for SmartR EIT with a team led by Chris
Murray that included Lauren Lefcoe and
Michele Qu (corporate) and Timothy
Hughes and David Davachi (tax).
McCarthy Tétrault LLP represented
the underwriters with a team led by Gra-
ham Gow that included Andrew Parker,
Matthew Appleby, Omar Soliman and
Matthew Griffin (corporate) and Stefanie
Morand and Patrick McCay (tax).
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