Dundee Real Estate Investment Trust (“Dundee”) purchased from affiliates of Blackstone Real Estate Advisors LP (“Blackstone”) and Slate Properties Inc. (“Slate”) a Canadian office portfolio consisting of 29 properties located in Calgary, Edmonton, Toronto and Ottawa for a purchase price of $831.8 million. As part of the deal, Dundee redirected title to four of the properties to Allied Properties Real Estate Investment Trust (“Allied”) and one property to KingSett Canadian Real Estate Income Fund LP (“KingSett”) for a combined sale price of $142 million. This transaction constituted the largest office portfolio ever acquired by a Canadian REIT.
Blackstone and Slate were represented by Goodmans LLP by a team led by Stephen Belgue and that included Ken Her-lin, Jeff Shore and Gail Jaffe (real estate), Richard Annan (competition law) Joe Conforti (employment) and Jon Northup and Jarrett Freeman (tax). Blackstone and Slate were also represented in the Province of Alberta by Brownlee LLP by a team which included Allen Evaniew and Jill Sheward. Stewart McKelvey (Charles Reagh) also acted for the vendors in respect of Nova Scotia matters.
Dundee was represented by Osler, Hoskin & Harcourt LLP by a team led by George Valentini that included Rod Davidge, Craig Harkness, Stella Di Cresce, Brian Donnelly, Ryan Nielsen and Eric Presseau (real estate). Peter Glossop and Matt Anderson handled the competition law aspects of the transaction. Allied was represented by Aird & Berlis LLP (Michael Smith and Steven Pavlides (real estate) and Bill VanderBurgh (competition)and in the Province of Alberta by Donald Bishop, QC, of Bishop & McKenzie LLP. KingSett was represented by Bennett Jones LLP (Paul Mantini, Simon Crawford and Michael Kershaw).
In connection with the financing of Dundee's purchase, The Toronto-Dominion Bank was represented by Fasken Martineau DuMoulin LLP (John Torrey, Jon Holmstrom, David Johnson, Andrea Centa and Louise Kennedy) and McCarthy Tétrault LLP (John Currie, Tzen-Yi Goh and Greg Barker). CIBC Mortgages Inc., as well as Allied's lender, The Bank of Nova Scotia, were each represented by McCarthy Tétrault (John Currie and Paul Galbraith).