RT Realty Advisors Inc., on behalf of the clients of Greystone Managed Investments Inc. and two other large pension funds, purchased five commercial office buildings on Commerce Valley Drive East in Markham, Ontario from Monarch Construction Limited for approximately $57 million. The transaction closed on May 9, 2001.
In a separate transaction, Greystone’s clients purchased a 50 per cent interest from the two pension funds in four other buildings, also on Commerce Valley Drive East, Markham, for a total purchase price of approximately $10 million. Following the completion of the two transactions, Greystone’s clients and the two pension funds now own the nine buildings on Commerce Valley Drive East on a 50/50 basis. The Great-West Life Assurance Company and London Life Insurance Company provided mortgage financing for the combined portfolio totalling approximately $47 million.
Greystone was represented by Fraser Milner Casgrain LLP with a team comprised of Ron Goldenberg, Jillian Shortt and Andrea Centa (real estate), Tracey Patel and Axel Kindbom (competition) and Ken Chun (corporate and pension fund matters).
Monarch was represented by its General Counsel, David George, and by George Payne (real estate) and Mark Opashinov (competition law) of McMillan Binch.
The two pension funds were represented by Osler, Hoskin & Harcourt LLP with a team comprised of Stephen Luff and Shelley Munro (real estate), Laurie Barrett (pension fund matters) and Michelle Lally (competition). Great-West Life and London Life were represented by Abraham Costin of McCarthy Tétrault LLP.