Summit Real Estate Investment Trust completed the sale of two shopping centres to entities related to First Capital Realty Inc. The sale of Maple Grove Shopping Centre located at 511 Maple Grove Drive in Oakville, Ontario, was completed on August 28, 2003 and the sale of Gloucester Shopping Centre, located at 1980 Ogilvy Road in Ottawa, was completed on September 4.
The purchase price in respect of Maple Grove Shopping Centre was $17.775 million (excluding closing costs), with acquisition financing provided by the Insurance Corporation of British Columbia (ICBC). The purchase price in respect of Gloucester Shopping Centre was $37.902 (excluding closing costs) subject to an upward adjustment, with acquisition financing provided by Merrill Lynch Capital Canada Inc.
First Capital Realty was represented by Davies Ward Phillips & Vineberg LLP, with a team that included Sabrina Gherbaz and Brian Clark. The REIT was represented by Goodman and Carr LLP, with a team that included Michael Winton, Renata Rizzardi and John Hermann.
Michael Polowin of McCarthy Tétrault LLP acted on behalf of ICBC in connection with the Maple Grove financing. Ronald Melvin of Rose, Persiko, Rakowsky, Melvin LLP in Toronto acted on behalf of Merrill Lynch Capital Canada in connection with the Gloucester financing.