Cominar REIT acquired a portfolio of 11 office properties in Montreal and the Greater Toronto Area from Redbourne Realty Fund comprising a total of approximately 1.2-million square feet for $228.8 million. A portion of the price was paid by the assumption of loans from CIBC Mortgages Inc. and CDPQ Mortgage Investment Corporation.
This portfolio consists of four office properties located in Toronto and Burlington with a total leasable area of approximately 800,000 square feet and seven office properties located in Montreal with a total leasable area of approximately 400,000 square feet. The acquisition has an impact on Cominar's geographic diversification, increasing the contribution of its properties located in Ontario to net operating income to approximately 13.3 per cent on a pro forma basis.
Cominar was represented in-house by Michel Paquet, Senior Executive Vice-President and Secretary, and Sylvie Guillemette, Manager, Legal Affairs; and by Davies Ward Phillips & Vineberg LLP with a team including Sébastien Thériault, Gabriella Lombardi, David Reiner, Chrystelle Chevalier-Gagnon and Ioana Hancas (real estate and financing), and Mark Katz and Jim Dinning (competition).
Redbourne was also represented by Davies with a team including Robert Vineberg, Steve Martin and Jack Fattal.
CIBC was represented by McCarthy Tétrault LLP with a team including James Papadimitriou, Marie-Josée Marcoux and Anastasia Flouris.
CDPQ was represented by Mark Brennan of Fasken Martineau DuMoulin LLP.