CAPREIT completes acquisition of apartment portfolio in Montréal

On September 30, 2015, Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) completed an acquisition of 3,661 suites in 51 buildings located in the Greater Montréal area from the F.D.L. group for a purchase price of $490 million.

In connection with the transaction, CAPREIT’s acquisition and operating credit facility was amended to provide for a six month temporary bridge facility of up to $450 million.

Further, on October 9, 2015, CAPREIT completed a $250.3 million offering of units, on a bought deal basis. The syndicate of underwriters was led by RBC.

On the acquisition, CAPREIT was represented internally by its General Counsel and Corporate Secretary, Corinne Pruzanski, and externally by Stikeman Elliott LLP with a team led by Stefan Fews and including Mistrale Lepage Chouinard, Tara Mandjee and Dominique Rolland (real estate), Melissa Schyven, Lisa Matchim and Stéphanie Normandin (financing), Myriam Fortin (environmental) Luc Bernier and Nicholas Grenier (tax), Hélène Bussières (labour and employment) and Julie Larouche (litigation), with additional employment advice being provided to CAPREIT by Marie-Hélène Jetté of Norton Rose Fulbright Canada LLP.

Fasken Martineau DuMoulin LLP acted for F.D.L. Compagnie Ltée and its affiliates in the course of this transaction. The Fasken Martineau team was led by Nicolas Leblanc (real estate) and Gilles Carli (tax), and including Jessica Collin, Monique Gauthier, Sébastien Marcoux and Mylène Cloutier (real estate), Pierre-Olivier Charlebois and Emilie Bundock (environment), Paul Cabana and Johanne Lapointe (tax), Stéphane Fillion, Simon Laberge and Alexandra Meunier (labour and employment), Christine Provencher (litigation) and Paul Gagnon (intellectual property).

On the bought deal, CAPREIT was represented internally by its General Counsel and Corporate Secretary, Corinne Pruzanski and its Associate Counsel, Elise Lenser, and externally by Stikeman Elliott LLP with a team led by David Weinberger and including Cara Cornacchia, Brandon Hoffman and Marshall Eidinger (securities), Melissa Schyven (real estate) and Jill Winton (tax).

Osler, Hoskin & Harcourt LLP acted for RBC and the syndicate of underwriters with a team led by Chris Murray and including Jay Greenspoon and Daniel Fombonne (securities) and Kevin Chen (real estate) and Jack Silverson (tax).                                      

Goodmans LLP represented The Toronto-Dominion Bank with respect to CAPREIT’s amended acquisition and operating credit facility with a team that included David Nadler and Karen Vadasz (banking).