On September 30, 2005, Canadian Apartment Properties Real Estate Investment Trust (CAP REIT) completed an acquisition of three apartment complexes, comprised of 406 apartment units, in the Greater Vancouver Regional District. CAP REIT acquired the portfolio of properties from a vendor partnership controlled by TransGlobe Property Management Services Ltd. (TransGlobe) for a purchase price of $56 million.
In connection with CAP REIT's acquisition, a $30 million fixed rate mortgage financing facility was provided through Industrial Alliance Insurance and Financial Services Inc.
On December 15, 2005, TransGlobe completed an acquisition of 13 apartment complexes, comprised of 797 units, in the Greater Toronto Area. TransGlobe acquired the portfolio of properties from CAP REIT for a purchase price of $70,250,000.
CAP REIT was represented by Stikeman Elliott LLP with a team that included David Ehrlich, Richard Jackson, Chris Hanson, Rachel Hutton and Virginia Wigmore.
TransGlobe was represented by Barb Lanys at Bloom & Lanys. Industrial Alliance was represented by Lang Michener LLP with a team led by John Morrison.