CREIT Acquires Shopping Centres

Toronto-based Canadian Real Estate Investment Trust (CREIT) acquired from the First Pro group of companies a 50 per cent interest in five community shopping centres, four centres in Ontario and one in Quebec, for $144.5 million. In addition, CREIT acquired an option to acquire a 50 per cent interest in an additional centre, which First Pro is developing in London, Ontario and loans totalling $15.5 million. The closing date for the loans and four out of the five centres was August 15, 2002. Closing of the fifth centre occurred on September 20, 2002.

CREIT was represented by Osler, Hoskin & Harcourt LLP, with team consisting of Nicole Cloutier, Rodney Davidge, François Leblanc, Barbara McGregor, Myriam Sarrazin and Constantine Troulis.

First Pro was represented by in-house counsel David Taras; and Leonard Rodness, Sidney Troister, Sandra Hurst-Boyd and Stephanie Eiley of Torkin Manes Cohen Arbus LLP in Ontario; and in Quebec by Jaime Malus of Solomon & Malus.