Calloway REIT Acquires Shopping Centres from Wal-Mart and SmartCentres

Calloway Real Estate Investment Trust (Calloway REIT) and its affiliates completed the acquisition of the joint interests of Wal-Mart Canada Realty Inc., and SmartCentres Realty Inc. in four shopping centres located Port Perry, Niagara Falls, Kanata and Ottawa, Ontario totalling approximately 850,000 square feet of currently built area. The shopping centre located in Ottawa is a mixed-use property that includes a 97,000 square foot office building. The properties are anchored by Walmart stores, which represent approximately 71 per cent of the currently occupied space (by gross leasable area). The purchase price was approximately $232 million.

Calloway REIT acquired the Ottawa property on a joint venture basis with Investors Real Property Fund (I.G.), with I.G. owning a 50 per cent interest.

Calloway REIT and its affiliates were represented by Osler, Hoskin & Harcourt LLP with a team including Rod Davidge, Stephen Luff, Stella Di Cresce, Tim Watson and Kevin Chen (real estate); Shuli Rodal and Jordan Giurlanda (competition); and Chris Murray, Tara Law and Aria Kashefi (corporate).
I.G. was represented by Chris Huband (real estate) and Debbie Salzberger (competition) of Blake, Cassels & Graydon LLP.

Wal-Mart was represented by in-house counsel Chris Hanson. SmartCentres was represented by in-house counsel Joseph Amato. External representation was provided by Davies Ward Phillips & Vineberg LLP with a team of Gregory Howard, Steven Martin and Pawel Mielcarek (real estate) and Anita Banicevic (competition). Also acting were Brett Tkatch, Shawn Wolfson and Jeffrey Warren of Blaney McMurtry LLP.