On December 15, 2006 funds controlled by Hamburg-based MPC Münchmeyer Petersen Real Estate Consulting GmbH and advised by Northam Realty Advisors Ltd. in Toronto completed the sale of the properties known as Heritage Place and the Standard Life Centre, both in Ottawa, to Morguard Real Estate Investment Trust and HOOPP Realty Inc., for an aggregate sale price of $210 million.
MPC Münchmeyer Petersen Real Estate Consulting GmbH is the real estate arm of MPC Capital A.G., Germany's leading non-bank issuing house, which develops and markets innovative capital investment products. Its Canadian advisor, Northam Realty Advisors Ltd., manages approximately 11 million square feet of office, industrial and specialty retail properties across Canada.
Morguard REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 76 retail office and industrial properties in Canada with a book value of $1.2 billion and approximately 10 million square feet of leaseable space.
Hospitals of Ontario Pension Plan (HOOPP) is one of the largest and most successful pension plans in Canada, with more than $24.5 billion in net assets. HOOPP provides pension benefits 148,000 active members who work at 336 health care and related organizations in Ontario.
The purchasers were represented in the transaction by McCarthy Tétrault LLP, with a team led by Danny Grandilli and Bram Green and assisted by David Starkman.
The vendors were represented by Robins, Appleby & Taub LLP, with a team led by Neill Kalvin and assisted by Peggy Spadafora.