Cadillac Fairview completed its sale of McAllister Place and Regent Mall to PRR Trust for an aggregate price of approximately $318 million. McAllister Place, in Saint John, and Regent Mall, in Fredericton, are fully enclosed regional shopping centres. Each contains rentable area of approximately 488,000 square feet.
PRR Trust satisfied a portion of the purchase price with funds drawn under two separate first mortgage loans from Royal Bank of Canada for $76,000,000 and $114,000,000 and secured by a first mortgage against McAllister Place and Regent Mall.
Cadillac Fairview was represented by in-house counsel, Sandra Hardy and Rory Dyck, and by Davies Ward Phillips & Vineberg LLP with a team that included Gregory Howard, Donald Stanbury, Anita Banicevic, David Reiner and Erika Douglas.
A team comprising Christopher Borden, Steven Christie and Scott Wilson of McInnes Cooper acted as local counsel to Cadillac Fairview in New Brunswick.
PRR Trust was represented by its Vice President Legal and Corporate Secretary Devon Jones, and by McCarthy Tétrault LLP with a team that included Abraham Costin, Donald Houston, Patrick Kee, and Jonathan Bitran on the purchase; and Tzen-Yi Goh and Andrejs Mistiouk on the financing. Allison McCarthy of Stewart McKelvey acted as PRR Trust's local counsel in New Brunswick.
Royal Bank of Canada was represented by McMillan LLP by Andrea Onn. Matthew Tweedie and Stephen Hill of Cox & Palmer acted as Royal Bank of Canada's local counsel in New Brunswick.