Menkes Sells GTA West Industrial Portfolio to Redcliff Realty Advisors

On December 22, 2005, affiliates of Menkes Corp. completed the sale of eight industrial properties with 11 buildings comprising approximately 1,500,000 square feet to Redcliff Realty Advisors Inc. on behalf of a Canadian pension fund for a purchase price of approximately $147 million. The purchaser completed the acquisition with bridge financing provided by Royal Bank of Canada.

Menkes is a leading Canadian real estate company, specializing in office, industrial and residential real estate development, ownership and management in the Greater Toronto Area for over 45 years. The Menkes team was directed by Peter Menkes, executive vice-president, Andrew Hoffman, vice-president, operations, and Jim Leon, chief financial officer.

Redcliff Realty Advisors is a leading Canadian real estate investment advisory firm, acting on behalf of Canadian pension funds and other investors providing acquisition, disposition and portfolio and asset management services. The Redcliff team was directed by Ryk Stryland, senior
vice-president, investment management, Herb Mah, director, acquisitions, and Frank Del Vescovo, director of finance.

Menkes was represented by Stephen Belgue (real estate)
of Goodmans LLP.

Redcliff Realty Advisors was represented by Fraser Milner Casgrain LLP with a team led by Ronald Goldenberg with the assistance of Andrew Salem and Andrea Centa (real estate), Tracey Patel and Caroline Wang (competition/corporate).

Royal Bank of Canada was represented by Paul Avis and Cheryl Stacey (banking) and Andrea Onn (real estate) of McMillan Binch Mendelsohn LLP.
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