Menkes Partnership Finalized

Affiliates of Menkes Corporation finalized on June 26, 2002, the formation of Menkes Industrial Acquisition Partnership.

The partnership concurrently completed the acquisition of its first 10 industrial properties from HOOPP Realty Inc. for a purchase price of approximately $48 million. The partnership completed the acquisition with financing provided by GMAC Commercial Mortgage of Canada, Ltd. in the amount of $34.47 million. On August 14, 2002, the partnership acquired three additional industrial properties from GPM Real Property (5) Ltd., a Greiner-Pacaud investment vehicle, for a purchase price of approximately $20 million. GMAC also provided acquisition financing of $13.9 million in connection with this transaction.

Menkes and the partnership were represented by Goodmans LLP, with a team led by Stephen Belgue and assisted by Monica Mraz, Jim McLellan and Maureen Berry (tax) and Grant McGlaughlin and Krista Coburn (corporate). The Menkes in-house team was directed by Peter Menkes, executive vice-president; Andrew Hoffman, vice-president, operations; and Jim Leon, chief financial officer.

HOOPP Realty and GPM were represented by McCarthy Tétrault LLP, with a team led by Danny Grandilli and Eleni Maniatis. GMAC was represented by Fraser Milner Casgrain LLP, with a team led by Yvonne McAndrew and assisted by Heidi Clark and Scott Burke. The GMAC in-house team was directed by Kelly Smith, vice-president, and Vince Berry, director of closing.