On June 28, 2005, Primaris Retail REIT, formerly known as Borealis Retail REIT, acquired Place du Royaume Shopping Centre in Ville de Saguenay, Quebec, from KingStreet Real Estate Growth LP No. 1 for $129 million payable in part by the assumption of debts and by cash. The Place du Royaume Shopping Centre is the largest regional mall in the Saguenay Region.
Primaris was represented on the acquisition by Louis Forbes, Grant Charles and Sylvia Gajewski, and by the Oxford in-house legal team, including John Wallace and Devon Jones. Blake, Cassels & Graydon LLP acted as external counsel to Primaris with a team that included Norm Saibil, James Papadimitriou, Yannick Beaudoin and Katherine Girard in Montreal, as well as Jim Hilton and Iris Tam in Toronto.
KingStreet was represented by Peter Aghar. Osler, Hoskin & Harcourt LLP acted as external counsel to KingStreet, with a team that included Neil Bindman, Nicole Cloutier and Myriam Sarrazin. Bennett Jones LLP acted as KingStreet's Ontario counsel, and was represented by Simon Crawford and Tara Mackay. Roger Gripp of D'Arcy & Deacon LLP acted as Manitoba counsel to the vendor.