Allied Properties REIT completed the acquisition of seven office buildings in Montreal on April 12, 2007, by the acquisition of the shares of the registered title holder from funds controlled by Hamburg-based MPC Münchmeyer Peterson Real Estate Consulting GmbH and advised by Northam Realty Advisors Limited of Toronto.
The seven office buildings are situated in Old Montreal and comprise a total of approximately one million square feet of office space. The $242 million consideration was paid partly by obtaining approximately $62 million of mortgage financing from Hypothèques CDPQ Inc., a subsidiary of the Caisse de dépôt et placement du Québec.
Allied Properties REIT was represented by Gowling Lafleur Henderson LLP, with a team led by Laurent Roy (real estate) that included Catherine Pawluch and Pierre Lissoir (Investment Canada and competition); Charles-Antoine Robitaille and Étienne Tremblay (transactional); Pierre-André Hamel and Thomas Subic (financing) and Daniel Lacelle (tax).
Allied Properties REIT was also represented by Aird & Berlis LLP, as general and corporate counsel, by a team led by Michael Smith that included Sandra Dos Santos. The vendors were represented in Montreal by McMillan Binch Mendelsohn LLP, with a team led by Philipp Duffy that included Alexandra Labelle, Voula Neofotistos and Béatrice Van Rutten, and in Toronto by Robins, Appleby & Taub LLP, with a team led by Neill Kalvin and assisted by Peggy Spadafora. Hypothèques CDPQ Inc. was represented by in-house counsel Madeleine Amyot, senior manager, legal affairs, with the able assistance of Francine Landes, and by Fasken Martineau DuMoulin LLP, with a team led by Verna Cuthbert that included Stéphane Lalande and Isabelle Durand (real estate and corporate) and Jean-François Perreault and Étienne Gadbois (tax).