BIG REAL ESTATE
LEXPERT MAGAZINE
|
JUNE 2017 27
| REAL PROPERTY TRANSACTIONS OF IMPORTANCE |
A LOOK AT THE $400-MILLION PURCHASE OF A TWO-TOWER OFFICE PROPERTY AND "ONE OF THE MOST TECHNICALLY ADVANCED
AND EFFICIENT OFFICE SPACES IN MONTRÉAL," BY AN INVESTOR GROUP; AND THE SALE OF THE PROMENADE SHOPPING
CENTRE IN THORNHILL, ONT., TO THE PARTNERSHIP OF SERRUYA PRIVATE EQUITY AND LIBERTY DEVELOPMENT CORP.
GREAT WEST LIFE, LONDON LIFE
AND INVESTORS REAL PROPERTY
FUND PURCHASE PROPERTY FROM
KANAM GRUND GROUP
CLOSING DATE: JANUARY 26, 2017
On January 26, 2017, Great West Life, Lon-
don Life and Investors Real Property Fund
announced the purchase of 1350-1360 René-
Lévesque West from KanAm Grund Group
for a purchase price of approximately $400
million. Located in downtown Montréal,
this state-of-the-art property represents one
of the largest single asset transactions com-
pleted in Canada in 2016.
e property, which consists of two tow-
ers, will be managed by GWL Realty Advi-
sors on behalf of Great West Life, London
Life and Investors Real Property Fund.
McCarthy Tétrault LLP advised Great
West Life and London Life with a team
of James Papadimitriou, Annie Gagnon-
Larocque, Charles Flicker, Mary Pagonis
and Jay Gupta (real estate), Nicolas Cloutier,
Ryan Rabinovitch and Andrew Haikal (tax)
and Dominic érien (competition).
Dentons Canada LLP acted for Investors
Real Property Fund with a team of Stephen
Lloyd and Charles Coté-Lepine, Marjolaine
Arès, Marise Chabot and Barry Zalmanow-
itz (competition).
Lette et Associés SENCRL acted for
KanAm Grund Group with a team consist-
ing of Esther Krauze, Bernard Lette, André
Bégin, Pat Banducci (competition) and Ma-
rie Habre.
PROMENADE GENERAL PARTNER INC.
PURCHASES PROMENADE SHOPPING
CENTRE FROM CADILLAC FAIRVIEW
CLOSING DATE: APRIL 19, 2017
On April 19, 2017, Promenade General Part-
ner Inc. ("Promenade"), the general partner
of a partnership composed of
Serruya Private Equity and Lib-
erty Development Corp., com-
pleted the purchase of Prom-
enade Shopping Centre located
in ornhill, Ont., from e
Cadillac Fairview Corp. Ltd. and Ontrea
Inc. ("Cadillac Fairview") as well as related
financing from the Manufacturers Life In-
surance Co. ("Manulife"). Promenade Shop-
ping Centre serves as a hub for the ornhill
community with more than 150 stores and
services and will be managed by Centrecorp
Management Services Ltd.
Promenade was represented by Stikeman
Elliott LLP with a team that included Ma-
rio Paura, Melissa Schyven, Kevin Chen, Te-
anna Lobo and Kim Newman.
Cadillac Fairview was represented by To-
rys LLP with a team that included David
Dell and Christine Innes.
Manulife was represented by Bogart Rob-
ertson & Chu LLP with a team that includ-
ed Brian Chu and Kendra Hilts.
RIOCAN REIT COMPLETES
$300M DEBENTURE OFFERING
CLOSING DATE: JANUARY 16, 2017
RioCan Real Estate Investment Trust ("Rio-
Can") completed a public offering of $300
million principal amount of Series Y senior
unsecured debentures.
e agency syndicate was co-led by RBC
Capital Markets, TD Securities and BMO
Capital Markets and included CIBC World
Markets Inc., Scotia Capital Inc. and Nation-
al Bank Financial Inc. e debentures carry a
coupon rate of 2.83 per cent and will mature
on October 3, 2022.
e debentures were sold at a price of
$99.997 per $100 principal amount with
an effective yield of 2.831 per cent if held to
maturity. e offering was made under Rio-
Can's base shelf short form prospectus dated
August 10, 2016. e terms of the offering
are described in a prospectus supplement
dated January 11, 2017, which was filed with
Canadian securities regulators.
RioCan was represented by Goodmans
LLP with a team that included Brenda Gos-
selin, Emily Weizel and Randy McAuley
(corporate/securities) and Maureen Berry
(tax). Sébastien Vézina, and Jean-François
Lauzon of Lavery, de Billy, L.L.P. assisted
RioCan in Québec.
e Agents were represented by Torys
LLP with a team that included Simon
Knowling, Eric Foster and Jacob Posen (cor-
porate/securities).
BANK OF CHINA, TORONTO BRANCH
COMPLETES $150M FINANCING
OF THE CENTRE ROCKLAND
CLOSING DATE: JANUARY 12, 2017
On January 12, 2017, Bank of China, To-
ronto Branch completed a $150-million fi-
nancing of the Centre Rockland. e Centre
Rockland is a 646,000-square-foot shopping
centre in Montréal owned by Cominar Real
Estate Investment Trust ("Cominar").
Cominar is one of the largest commercial
property owners and managers in the prov-
ince of Québec with a portfolio of 539 of-
fice, retail and industrial properties located
in Québec, Ontario, Atlantic Canada and
Western Canada. e properties represent
more than $8.2 billion in assets.
As China's most internationalized and
diversified bank, Bank of China currently
provides a comprehensive range of financial
services to customers across the Chinese
mainland and over 50 countries and regions.
is loan represented Bank of China, To-
ronto Branch's first financing commitment
in the province of Québec.
Cominar was represented internally by
Manon Deslauriers and Philippe Côté and
by Davies Ward Phillips & Vineberg LLP,
with a team comprising Sébastien eriault
and Chrystelle Chevalier-Gagnon.
Bank of China, Toronto
Branch was represented by Mc-
Carthy Tétrault LLP, with a
team comprising James Papad-
imitriou, Annie Gagnon-Laro-
cque and Katherine Girard.
