On August 16, 2004, the sale of 45 office and industrial properties owned partly by Orlando Corp. (or related entities), partly by a co-ownership comprised of Orlando Corp. (or related entities) and Investors Group Trust Co. Ltd., acting as trustee for Investors Real Property Fund and partly by Orlando and Orion Properties Ltd., was completed. The amount of the transaction is undisclosed.
The 27 industrial properties were sold to Summit REIT. In addition to the assumption of certain mortgages, the financing to complete the industrial portfolio acquisition was provided by Bank of Montreal. The 18 office properties were sold to a fund controlled by LaSalle Investment Management. In addition to the assumption of certain mortgages, the financing to complete the office portfolio acquisition was provided by GE Capital.
The vendors were represented by a team at Fraser Milner Casgrain comprised of Marty Emmons, Roger Pead, Jillian Shortt, Andrea Centa and Scott Burke, with assistance on competition matters from Tracey Patel. The Orlando group of companies was represented in-house by David Stewart, Louis Pilla and Will Chang.
Investors Group Trust Co. Ltd., acting as trustee for Investors Real Property Fund, was represented in-house by Scott Elson, and by Chris Huband and Iris Tam of Blake, Cassels & Graydon. Orion Properties Ltd. was represented by Maggie Brady of Fraser Milner Casgrain.
Summit REIT was represented by Goodman and Carr’s Renata Rizzardi, Stanley Wax, Mark Mincer, Michael Winton, John Hermann and Steve Watson. The Bank of Montreal was represented by Ian Kady and Jeffrey Alpert of Fogler, Rubinoff.
LaSalle Investment Management was represented by a team at Blaney McMurtry, led by Jeffery Freelan that included Shawn Wolfson, Maureen Merrill, John Papadakis and Renato Chiaradia, as well as Alex Mesbur, Q.C., on competition matters. GE Capital was represented by Fred Rubinoff and Bram Green of McCarthy Tétrault.