On August 18, 2004, Investors Group Trust Co. Ltd., as trustee for Investors Real Property Fund, completed the purchase of the Brampton Supercentre shopping centre for approximately $32,300,000. The vendors were RRVP Brampton East Inc. and RRVP Brampton West Inc. and the centre had previously been managed by RioCan Property Services Trust. Brampton Supercentre has a net rentable area in excess of 250,000 square feet. Principal tenants of the centre include Loblaws, Sears, TD Bank, National Sports and several national restaurant chains.
The Investors Real Property Fund is an open-ended mutual fund established by Investors Group in 1983 that invests in a diversified portfolio of income-producing real estate properties.
Investors Group was represented in the transaction by Blake, Cassels & Graydon, in conjunction with Investors Group in-house counsel, Scott Elson. The Blakes team was led by Chris Huband, with assistance from Iris Tam.
The vendors were represented by Ray Gelgoot and Domenic Damiani of Fogler, Rubinoff. Ken Yolles of Cassels Brock & Blackwell acted on behalf of the Standard Life Assurance Co., and Lanning Abramson and Tom Kapsales, also of Cassels Brock, acted on behalf of CIBC Mortgages Inc., both lenders whose mortgages were assumed as part of the transaction.