Osmington, CPPIB and Westerkirk Acquire Shopping Centres in Quebec

On December 1, 2005, Osmington Inc., CPP Investment Board Real Estate Holdings Inc. and Westerkirk Investments Trust completed an acquisition of two major shopping centres in Quebec—Les Galeries de la Capital in Quebec City and Carrefour de l'Estrie in Sherbrooke—for an undisclosed purchase price.

The purchasing entities were represented by Borden Ladner Gervais LLP (BLG) with a team led by Morty Gross, Q.C., that included Noella Milne and Jason Aurini (commercial real estate, Toronto), and Sylvie Bouvette, Caroline Émond and Glen Bowman (commercial real estate, Montreal). CPP Investment Board Real Estate Holdings was represented by Goodmans LLP by a team that included Juli Morrow, Ira Berg and Jeffrey Shore (commercial real estate). The vendor was represented by Albert Greenspoon and Aubie Herscovitch of Kaufman Laramée in Montreal.

Osmington and Westerkirk financed their portion of the acquisition with a loan from HSBC Bank of Canada. HSBC was represented by a team from Fraser Milner Casgrain LLP led by Eric So (corporate/commercial, Toronto) and Yvonne McAndrew (financial services, Toronto) that included Jenny Ross and Robert Béland (real estate,
Montreal).

The borrowers were represented by Morty Gross, Noella Milne, Jason Aurini and Glen Bowman of BLG.

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