Allied Properties Real Estate Investment Trust (REIT) acquired from Mancal Commercial Properties BC (Rutherford) Inc. the 62,700 square foot Telephone Building in Calgary, Alberta on April 15, 2011.
The purchase price of $29 million was paid by payment of cash and the assumption of a $15.8 million mortgage in favour of CDPQ Mortgage Investment Corporation.
The addition of this acquisition to Allied's other property, namely, the Lougheed Building, gives the Telephone Building significant frontage on 6th Avenue in close proximity to the Bow, which is expected to become the new focal point of downtown Calgary.
Michael Smith and Steven Pavlides of Aird & Berlis LLP acted for Allied Properties Real Estate Investment Trust. Donald Bishop, QC, of Bishop & McKenzie LLP acted for Allied Properties in Alberta.
Graham Bennett, Senior Vice-President, Law & Corporate Services of Mancal Commercial Properties acted for the Vendor.
Terence Lidster of Borden Ladner Gervais LLP acted for the Mortgagee.