On February 20, 2004, Dundee Real Estate Investment Trust acquired from Pauls Properties Corp. (PPC), a subsidiary of Denver, Colorado-based the Pauls Corp., 1.525 million square feet of newly constructed office, industrial and flex space properties located in Toronto and Calgary for approximately $155 million.
The transaction also involved a $9.8 million mezzanine loan for additional development assets, which includes 28 acres of vacant development land in Toronto. On March 5, the REIT further acquired a recently completed 73,000 square foot office building in Toronto from Pauls Properties.
The REIT was represented by Osler, Hoskin & Harcourt LLP, with a team that included George Valentini, Rod Davidge and Steve Sansom in Toronto and Sherri Fountain in Calgary.
PPC was represented by Miller Thomson LLP, with a team that included Michael Wren (real estate), Nora Osbaldeston and Thomas Tower (financial services), John Campbell (tax), Douglas Han (GST), Barbara Doherty (corporate/securities) and Andrew Roman (Competition Act) in Ontario, and Robert Stemp (real estate) and Sandra Mah (corporate) in Calgary.