Calloway Acquires Ontario Shopping Centres

On March 30, 2007, Calloway Real Estate Investment Trust acquired Hopedale Mall, located in Oakville, Ontario and Rutherford Village, located in Vaughan, Ontario, from Shiphope Ltd. and Shiplake Investments (Rutherford) Inc. for an aggregate purchase price of $90,625,000. The purchase price was satisfied by the assumption of an existing mortgage with The Manufacturers Life Assurance Company and cash.

The acquisition and due diligence team was led by Daniel Kumer, vice-president, acquisitions of Calloway REIT and Joseph Amato, associate counsel. McMillan Binch Mendelsohn LLP represented Calloway REIT with a team led by David Slan and assisted by Elaine Crossland (real estate) and including Darryl Hiscocks (employment) and Neil Campbell (competition). Calloway REIT's corporate solicitors David Calnan and Glen Warkentin of Shea Nerland Calnan in Calgary, and Ruby Wong (formerly of Goodman and Carr LLP and now of Cassels, Brock and Blackwell LLP) in Toronto, provided corporate and competition law advice on the transaction.

The vendors were represented by Stikeman Elliott LLP with a team led by Eric Carmona (real estate) and including Lorna Cuthbert (employment).

Rick Angelson of Cassels Brock & Blackwell LLP represented Manulife.