Morguard REIT Sells Western Office Buildings

On March 15, 2004, Morguard REIT sold the United Kingdom Building and the Fairmont Medical Building in Vancouver to Peterson Investment Group for aggregate gross proceeds of $39.45 million. On March 15, it also sold an undivided 50 per cent interest in each of 505-3rd St. S.W. in Calgary and the largest tower of the Scotia Place complex in Edmonton to Consolidated Properties for aggregate gross proceeds of $32.3 million. On March 25, it completed the sale of 1313 Border St. in Winnipeg to Shelter Canadian Properties Ltd. for gross proceeds of $4 million.

As part of the sale of the undivided 50 per cent interest in each of the Alberta assets to Consolidated Properties, existing mortgages in favour of Standard Life (in respect of the Scotia Place property) and Merrill Lynch (in respect of the 505-3rd St. S.W. property) were refinanced for gross loan proceeds of $33.45 million and $14.75 million, respectively.

Morguard REIT was represented by its in-house counsel, Les Wayne, and by Goodman and Carr, with a team that included Eric Carmona, Hagit Genossar and Alex Brainis. Goodman and Carr was assisted by Witten in Edmonton, with a team that included Ronald Sorokin and Catherine Farnell, Owen, Bird in Vancouver, with a team that included Alan Frydenlund and Susan Reedy, and Fillmore Riley in Winnipeg, with a team that included Mauri Rutherford and Kent Christie.

Peterson Investment Group was represented by Stanley Wong of Koffman Kalef in Vancouver. Consolidated Properties was represented by Stephen Raby, Q.C., and Dan Pichette of Macleod Dixon in Calgary. Shelter Canadian Properties was represented by Stephen Raby of Macleod Dixon and by John McGoey of Pitblado in Winnipeg.

In connection with the Scotia Place refinancing, Standard Life was represented by Kevin Lynch of Parlee McLaws in Edmonton. Merrill Lynch, with regards to the 505-3rd St. S.W. refinancing, was represented by Douglas Klaassen of McCarthy Tétrault in Toronto.
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