First Capital Realty Sells Property Portfolio to Retrocom REIT

First Capital Realty Inc. completed its previously announced sale of twelve investment properties to Retrocom Real Estate Investment Trust for approximately $190 million. The portfolio, which was 96.2 per cent leased at the time of its acquisition by tenants such as Shoppers Drug Mart, Wal-Mart and CIBC, included properties in Ontario, Western Canada and Quebec totaling more than 960,000 square feet.

The total sale price was satisfied by assumption of mortgage debt on four of the properties; an amount drawn on a secured non-revolving credit facility; the net proceeds from Retrocom's offering that closed on May 27, 2013; the net proceeds from its private placement previously announced on April 30, 2013; and cash on hand.

Retrocom REIT was represented in-house by counsel Vincent Berry. External legal advice was provided by Goodmans LLP with a team that included Juli Morrow, Tom Macdonald, Richard Annan and Daniel Mahler in Toronto and Maria Davidson in Vancouver; by Fasken Martineau DuMoulin LLP with a team that included Richard Clare and Nicolas Leblanc in Montreal and Dugan Edmison in Toronto; and by Robert Houseman in Alberta from Norton Rose Fulbright Canada LLP.

Paul Galbraith and Andrejs Mistiouk of McCarthy Tétrault LLP represented CIBC in connection with the provision of a secured non-revolving credit facility.

First Capital Realty was represented by an in-house team led by Roger Chouinard and Marta Lewycky, and externally by Torys LLP with a team that included Sabrina Gherbaz, Simon Knowling, Nooreen Bhanji and Jay Holsten; by Davies Ward Phillips & Vineberg LLP with a team that included Robert Abrams and Liliana Korosi; by Davis LLP with a team that included Rolf Kaplun and Richard Lord; and by Bishop & McKenzie LLP with a team that included Wayne Johnson and Kamil Umar.

Lawyer(s)

Richard J. Lord Paul Galbraith Thomas M. F. Macdonald Dugan R. Edmison Juli Morrow Daniel Mahler Nicolas Leblanc Maria Davidson Richard J. Clare Robert J. Abrams Richard Annan Sabrina A. Gherbaz R. Jay Holsten Simon C. Knowling Rolf Norman Kaplun Roger J. Chouinard Marta O. Lewycky

Firm(s)

Goodmans LLP Fasken Martineau DuMoulin LLP McCarthy Tétrault LLP Torys LLP Davies Ward Phillips & Vineberg LLP Davis LLP Bishop & McKenzie LLP