Bentall Acquires Apex

Bentall Corporation completed its acquisition of Apex Corporation. Bentall, with office, retail and residential assets in excess of $1.6 billion in Western Canada, Seattle and Southern California, is an indirect division of CDP Real Estate, the real estate and mortgage investment division of the Caisse de dépôt et placement du Québec. The acquisition was completed on October 30, 2001. Apex is a Calgary-based real estate development company focused on single- and multi-family residential construction and land development.

Bentall acquired all the issued and outstanding shares of Apex pursuant to a plan of arrangement for consideration of $2.60 cash per share and an aggregate acquisition price of approximately $57 million, excluding the assumption of outstanding debt and the acquisition of all the outstanding options of Apex.

McCarthy Tétrault LLP acted for Bentall with a team from its Vancouver and Calgary offices that included Richard Balfour, Linda Brown, Bruce MacPhail, Michael Urbani and Elizabeth Osler (securities and corporate/commercial), Keith Burrell, Stuart Blyth and Shawn Belecki (real estate), Brent Kerr (tax), Darren Watt (competition) and Alex Kotkas and Philippe Lalonde (litigation). Acting for Apex were Stuart Olley, Tyler Robinson, Dean Burns and Gordon Chmilar (securities and corporate/commercial) and David Weekes (tax) of Stikeman Elliott in Calgary.