H&R REIT and Montez acquire Kildonan Place

H&R Real Estate Investment Trust (through its indirectly owned trust, PRR Trust) and Montez Core Income Fund IV Limited Partnership completed the purchase of Kildonan Place, a shopping centre in Winnipeg, Manitoba from Ivanhoe Cambridge II Inc. and Sears Canada Inc.. The purchase price was $138.5 million and H&R REIT and Montez each acquired a 50 per cent interest. Primaris Management Inc. will manage the property. Sears will continue to operate its department store at Kildonan Place.

H&R REIT and PRR Trust were represented in-house by Robyn Kestenberg and Mordecai Bobrowsky and by Andrew Wiseman and Fred Rubinoff of Goodmans LLP; and in Winnipeg by John Stefaniuk and Laura Workman of Thompson Dorfman Sweatman LLP.

Montez was represented by Borden Ladner & Gervais LLP with a team that included Morton Gross, QC, and Noella Milne.

Ivanhoe and Sears were represented by their respective in-house counsel, Denis Boulianne and Alexandra Popa (Ivanhoe) and Franco Perugini (Sears), and by Davies Ward Phillips & Vineberg LLP with a team that included Gregory Howard, David Reiner and Jason Stapley, and in Winnipeg by Michael Willcock of D'Arcy & Deacon LLP.