Dundee REIT Acquires Properties From Pauls Properties

On February 20, 2004, Dundee Real Estate Investment Trust acquired from Pauls Properties Corp. (PPC), a subsidiary of Denver, Colorado-based the Pauls Corp., 1.525 million square feet of newly constructed office, industrial and flex space properties located in Toronto and Calgary for approximately $155 million.

The transaction also involved a $9.8 million mezzanine loan for additional development assets, which includes 28 acres of vacant development land in Toronto. On March 5, the REIT further acquired a recently completed 73,000 square foot office building in Toronto from Pauls Properties.
The REIT was represented by Osler, Hoskin & Harcourt LLP, with a team that included George Valentini, Rod Davidge and Steve Sansom in Toronto and Sherri Fountain in Calgary.

PPC was represented by Miller Thomson LLP, with a team that included Michael Wren (real estate), Nora Osbaldeston and Thomas Tower (financial services), John Campbell (tax), Douglas Han (GST), Barbara Doherty (corporate/securities) and Andrew Roman (Competition Act) in Ontario, and Robert Stemp (real estate) and Sandra Mah (corporate) in Calgary.

Lawyer(s)

Michael J. Wren George M. Valentini Robert C. Stemp Rod Davidge Nora F. Osbaldeston Thomas R. Tower Andrew J. Roman John M. Campbell Steve Sansom Barbara R. C. Doherty Sandra M. Mah Douglas Y. Han Sherri L. Fountain