On January 14, 2011, London Life Insurance Company, The Great West Life Assurance Company and The Canada Life Insurance Company of Canada completed the purchase of the AirFreight and LogisticsCentre in Calgary for a purchase price of approximately $54,900,000 from three companies beneficially owned by Trammell Crow Company and ING Clarion.
The AirFreight and LogisticsCentre is a leasehold development, consisting of five Class “A” multi-tenant air cargo and air freight industrial buildings totalling 502,310 square feet on 33.04 acres of the Calgary International Airport lands. The facility was developed so that logistics and manufacturing companies as well as air cargo airlines would have efficient access to the exceptional ground and air infrastructure serving Calgary International Airport and access to both ground and air transportation nodes. The centre has direct access to Highway 2 (the Canamex Highway) and is adjacent to the intersection of Highway 1 (the Trans-Canada Highway).
The purchasers were advised on the transaction by GWL Realty Advisors Inc., one of Canada's leading real estate investment advisors, providing comprehensive asset, property and development management and specialized real estate services to pension funds and institutional clients.
The purchasers and GWL Realty Advisors Inc. were represented in the transaction by Blake, Cassels & Graydon LLP, with a team led by Garth Anderson that included Paul Logan, Jennette Vopicka and Larissa Svekla.
The vendors were represented by Steven Bradford of Trammell Crow Company and Joel Ross and Will Russ of the Dallas office of Vinson & Elkins LLP and Randy Shapiro (real estate) and Thomas Ryder (tax) of the Calgary office of Parlee McLaws LLP.
The Calgary Airport Authority was represented by Cameron MacDonald of Walsh Wilkins Creighton LLP.