Acquisition of Constitution Square in Ottawa

Albert & Lyon Equities Inc., Albert & Lyon Properties LP, and Canderel CSQ Ottawa LP (Greystone Managed Investments Inc., on behalf of its institutional clients, “Greystone/Canderel”) completed the acquisition of Constitution Square, a three-tower office complex totaling more than 1.1 million sq. ft. located in downtown Ottawa, from OMERS Realty Corp. (ORC) and CPP Investment Board Real Estate Holdings Inc. (CPPIB). The total purchase price for Constitution Square was $480.6 million and was financed by a secured loan facility extended by The Manufacturers Life Insurance Co. (Manulife) in the principal amount of $240.3 million. 

Greystone/Canderel was represented, on both the acquisition and financing transactions, by Dentons Canada LLP with a team that included Phil Rimer, Kelly Elliott and Rachel Witherspoon, of the Ottawa office, and Sonja Homenuck, Paul Shantz, Katarzyna Sliwa, Robert Blunt, Cathy Charlton and Christine McEdwards (real estate) and Adam Goodman (competition), of the Toronto office. Greystone was also represented — as to its ownership interest in, and asset and management arrangements for, Constitution Square — by Dentons Canada LLP, with a team that included Jillian Shortt and Esme Cragg (real estate), Heidi Clark and Kiran Bains (financial services), Don Macintosh, Jamie Thomas and Jessie Church (corporate), and Tony Schweitzer and Jesse Brodlieb (tax) of the Toronto office, and Don Kowalenko (real estate) of the Calgary office. 

Canstone Realty Advisors, acting as general partner of Albert & Lyon Properties LP, was represented as to its ownership interest in Constitution Square, by Charlene Schafer of McCarthy Tétrault LLP (Toronto). ORC & CPPIB were represented by Stikeman Elliott LLP (Toronto) with a team that included Mario Paura, Vince Imerti and Kevin Chen (real estate), and Nancy Ramalho (employment) and William Wu (competition). 

Manulife was represented by Borden Ladner Gervais LLP (Ottawa) with a team that included Rocco D’Angelo, Yvan Morin, Sara Lemieux and Emilie Roy. Canderel was represented, as to its ownership interest in, and management arrangements for Constitution Square, by Bram Costin of McCarthy Tétrault LLP (Toronto).