Finning International Inc. completed the sale of its industrial real estate portfolio to H&R Real Estate Investment Trust on January 29, 2002 for approximately $80 million. The portfolio included 19 properties in Alberta, British Columbia and the Northwest Territories. Finning has leased back the properties for a 20-year term with options to renew.
H&R REIT was represented by David Kutner and Robyn Kestenberg of Minden Gross Grafstein & Greenstein LLP in Toronto, with the assistance of Donna Shelley of McLennan Ross in Alberta and the Northwest Territories, and Tony Knight and Stacey Handley of Lang Michener in Vancouver.
Finning was represented by Mary Jo Campbell, Mark V. Lewis and Sandy Lloyd of Borden Ladner Gervais LLP in Vancouver, with the assistance of Larry Kwinter in Calgary, and Gerald Stang of Peterson, Stang & Malakoe in the Northwest Territories.