CPP Investment Board (“CPPIB”) and Oxford Properties Group (“Oxford”) entered into a 50/50 Canadian retail joint venture comprising two regional malls, one contributed by each partner. As part of the transaction, CPPIB has acquired a 50 per cent interest in the approximately 1 million square foot Upper Canada Mall, in Newmarket, Ontario, from Oxford, and Oxford has acquired a 50 per cent interest in the 1.5 million square foot Les Galeries de la Capitale shopping centre, in Québec City, Québec, from CPPIB. Oxford will manage both properties on behalf of the partners.
CPPIB was represented by Davies Ward Phillips & Vineberg LLP, with a team that included Gregory Howard, Frank Arnone and Pawel Mielcarek (real estate); Ian Crosbie (tax) and Mark Katz (competition) in Toronto, with assistance from Anthony Arquin and Brian Salpeter in Montreal.
Oxford was represented by Craig Walton, its in house legal counsel, and by McCarthy Tétrault LLP, with a team that included Jamie Orzech and Isabel Henkelman (real estate); Oliver Borgers and Jonathan Bitran (competition) in Toronto, with assistance from James Papadimitriou and Charles Flicker in Montreal.