On November 15, 2007, DEGI INTERNATIONAL purchased from the Homburg Group a 90 per cent interest in an office complex under construction known as the “Homburg-Harris Centre” and located at 207 9th Avenue SW in Calgary. The Centre is a two-tower, 630,000 square foot office complex located in the central business district of Calgary immediately across from the Fairmont Palliser Hotel. The first tower has been fully leased to Penn West Petroleum. The acquisition price for the 90 per cent interest was approximately $360,000,000. The Homburg Group retained a 10 per cent interest and the ongoing property management contract.
DEGI INTERNATIONAL, an open-ended fund sponsored by Dresdner Bank, was advised by a team from Fasken Martineau DuMoulin LLP led by Mark Brennan and assisted by lawyers Tony Baldanza, Peter Finley, Olivia Colic, Rosalind Cooper, Robert Elliott, Linda Huynh, Mark Magro and Dugan Edmison. The Homburg Group was advised by Roy Shouldice.