Skyline International Development Inc. recently acquired Intrawest ULC's ownership and management interests in the existing commercial retail space and development lands located in Blue Mountain, a resort village near Collingwood, Ontario.
Skyline is an operator and developer of destination communities in Ontario. It owns Horseshoe and Deerhurst Resorts as well as the Cosmopolitan and Pantages Hotels.
Under the retail portion of the transaction, Skyline acquired and will manage 50 per cent of existing commercial retail space within the Blue Mountain Village. In addition, Skyline will also manage the remaining 50 per cent of the Village's retail space which Intrawest sold to a third party a number of years ago. Skyline also acquired the land to build an additional 20,000 square feet of retail space within the Village.
In the residential portion of the transaction, Skyline acquired all remaining developable land in and adjacent to the Village, planning to double the Village's current residential and condo-hotel footprint. Skyline intends to develop over 1,200 residential and condo-hotel units, townhouses and single-family homes in the years ahead.
Part of the purchase price was financed through a secured loan made by Integrated Private Debt Fund III LP. IPD manages and provides funding from the $1.1 billion Integrated Private Debt Fund LPs on behalf of a number of Canadian pension funds and other institutional investors. IPD offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
Skyline was represented by its internal team, including David Goldman, its General Counsel, and by Aird & Berlis LLP, including Norman Kahn, Sandra Dos Santos, Lindsay Kannegiesser and Lloyd Cornett (real estate); Jill Fraser and Shannon Morris (financial services); Jennifer Wainwright and Anne Markle (corporate finance).
Intrawest was represented by its internal team, Joshua Goldstein, its General Counsel, and Jennifer Friednash, its General Real Estate Counsel, and by McCarthy Tétrault LLP with a team including Peter Quinn and Craig Shirreff.
IPD was represented by a team from Borden Ladner Gervais LLP, including James Mathers, Sonia Molodecky and Marian Bournas (financial services) and Murray Shopiro and Stella Krutkiewicz (commercial real estate).