KingSett Canadian Real Estate Income Fund LP (“KingSett”) and Canadian Real Estate Investment Trust (“CREIT”) completed an acquisition, each as to a 50 per cent co-ownership interest, in the office complex known as Calgary Place located in Calgary for the aggregated sum of $312 million from Oxford Properties Group Inc. and 1023800 Alberta Ltd. (collectively, the “Vendor”). CREIT will manage and operate the property on behalf of KingSett and CREIT. The acquisition was financed in part by mortgage financing in the amount of $190 million provided by Royal Bank of Canada.
FCT title insured both the purchaser's and lender's interests in the property.
In connection with the acquisition and financing, KingSett was represented by Bennett Jones LLP with a team comprising Simon Crawford, Michael Kershaw, Ron Barron, Adam Kalbfleisch (competition) and Craig Garbe.
In connection with the acquisition and financing, CREIT was represented in Ontario by Aird & Berlis LLP with a team comprising Hayden Solomons, Christie McNeill and Lisa Moreau (competition) and in Alberta by Witten LLP with a team comprising Ron Sorokin and Jonathan Calvert.
The Vendor was represented by Norton Rose Canada LLP with a team comprising Brian Sherman, QC, Michael Bolitho, Sarah Koch and John Carleton (competition) with assistance from Kent Stewart of Oxford Properties Group.
Royal Bank of Canada was represented by McMillan LLP with a team comprising Paul Avis, Cheryl Stacey, Novy Cheema and Fred Gjoka.