KingSett Canadian Real Estate Income Fund LP (“KingSett”) and Canadian Real Estate Investment Trust (“CREIT”) completed an acquisition, each of a 50 per cent co-ownership interest, in the Altius Centre, for the aggregated sum of $179.8 million from BPO (ALTC) Ltd., ALTCEN (MCEG) Ltd. and CREHOY Inc. (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 $55 million provided by London Life Insur-ance Company along with mortgage financing in the amount of $55 million provided by Royal Bank of Canada.
In connection with the acquisition and financings, KingSett was represented by Bennett Jones LLP with a team comprising Simon Crawford, Michael Kershaw, Ron Barron, Adam Kalbfleisch (competition) and John Batzel (employment).
In connection with the acquisition and financings, CREIT was represented in Ontario by Aird & Berlis LLP with a team comprising Hayden Solomons and Christie McNeill and in Alberta by Witten LLP with a team comprising Ron Sorokin and Jonathan Calvert.
The Vendor was represented by Brookfield's in-house counsel, Cameron Black and by Blake, Cassels & Graydon LLP with a team comprising Rick Dawson, Paul Logan and Jay Geers.
London Life Insurance Company was represented by Robert Stemp, Mike Hrabok and Rob McCulloch of Borden Ladner Gervais LLP.
Royal Bank of Canada was represented by McMillan LLP with a team comprising Paul Avis and Fred Gjoka.