On February 2, 2005, RioCan Real Estate Investment Trust has acquired from affiliates of Fonds de placement immobilier BB, the Société de transport de Montréal Employees Pension Fund and the City of Québec Employees Pension Fund (the vendors) a portfolio of three new format retail shopping centres in Quebec, comprising over 1,900,000 sq. ft. (including shadow anchors) of newly constructed, state-of-the-art retail space. The transaction is being completed in stages and RioCan has now completed the acquisition of 620,000 sq. ft. for a purchase price of $113 million. Acquisitions of a further 500,000 sq. ft. are expected over the next two years, as construction is completed.
The shopping centres are involved in the Mega-Centre Notre-Dame in Laval, and Mega-Centre Lebourgneuf and Mega-Centre Beauport, in Quebec City.
In addition, RioCan has entered into a firm agreement with the vendors to purchase a 50 per cent interest and become equal partners in Quartiers 10/30 in Brossard, Quebec, which is currently under development. Upon expected completion in the fall of 2006, this centre will comprise over 1,375,000 sq. ft. of retail space, including shadow anchors.
The vendors were represented by a team from Fasken Martineau DuMoulin LLP that included Claude Gendron, Yves Letarte, Denis Paquin, Lise Rochette, Christine Malenfant, Isabelle Durand and Douglas New, with the assistance of Mattieu Jobin, in-house counsel.
RioCan was represented by Raymond Gelgoot, Bill Berger, Domenic Damiani and Barbara Schechter of Fogler, Rubinoff LLP, and Marc Rubin, Fredric Carsley, Daniel Martin, Marie-Claude Gendron, Brian Cornih and Serge Vaillancourt of De Grandpré Chait LLP.