I.G. Investment Management, Ltd., as trustee for Investors Real Property Fund, completed the purchase of a 333,579 square foot open-format retail centre in Thunder Bay, from RioCan Real Estate Investment Trust for a purchase price of $62.8 million. The centre occupies a 26.5 acre site on Memorial Avenue in Thunder Bay's primary retail node and is improved with seven buildings, including a 164,727 square foot Walmart store.
Investors Group is a national leader in financial planning and investment management, delivering personalized solutions to more than one million Canadians. 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 properties and with net assets under management of over $4.3 billion.
RioCan Real Estate Investment Trust is Canada's largest real estate investment trust with a total capitalization of approximately $14.3 billion as at December 31, 2012. It owns and manages Canada's largest portfolio of shopping centres. It is publicly traded and is listed on the Toronto Stock Exchange under the symbol REI.UN.
Investors Group was represented by Investors Group legal counsel, Christina Vieira, and by Blake, Cassels & Graydon LLP, with a team led by Chris Huband, including assistance from Brian Wilson and Randy Savela.
RioCan was represented by Ray Gelgoot and Leneo Sdao of Fogler, Rubinoff LLP.
Canada Life Mortgage Services Ltd., the mortgagee under a mortgage assumed as part of the transaction, was represented by David Redmond and Natasha Jimeno of Cassels Brock & Blackwell LLP.