On September 1, 2005, Canadian Apartment Properties Real Estate Investment Trust (Capreit) has acquired, through its nominee Capreit Apartments Inc., from LSR Construction Ltée 1,431 residential suites and 18 commercial units in 34 buildings located in the Greater Montreal Area. The LSR apartment portfolio has been purchased for approximately $79 million with approximately $52.2 million of five to seven-year mortgages granted by the Canada Life Assurance Company and London Life Insurance Company.
Capreit was represented by Stikeman Elliott LLP with a team comprised of Viateur Chénard and Valérie Mac-Seing (real estate) and Hélène Bussières and Jennifer Black (labour). LSR was represented by Luc Mercier and Danielle Patenaude of Mercier Leduc LLP. The lenders were represented by Fasken Martineau DuMoulin LLP with a team that included Richard Clare, Marie-José Roux-Fauteux and Tasha Lackman.