On January 9, 2007 KingSett Real Estate Growth LP No. 1 completed the sale to a subsidiary of Dundee REIT of 30 and 55 St. Clair Avenue West, two separate mid-town Toronto office properties with a gross rentable area of approximately 440,000 square feet. The combined purchase price for both buildings was approximately $110 million.
George Valentini, Kevin Ackhurst, Maureen Rocchi and Isabel Ribau of Osler, Hoskin & Harcourt LLP acted for Dundee under the direction of Bruce Traversy and Ana Radic of Dundee.
Simon Crawford, Kyle Genga, and Yoon Han of Bennett Jones LLP acted for KingSett in connection with the purchase and sale transaction under the direction of Peter Aghar, Joe Mazzocco and Jeffrey Wagner of KingSett.
Concurrently, in connection with the closing of the purchase and sale transaction, Mark Kortbeek, Robert Bothwell and Michael Chow, of Bennett Jones LLP's Edmonton office, advised KingSett with the transfer of approximately $22,000,000 of existing debt from 30 St. Clair West to another property located in Edmonton, Alberta. Darlene Scott and Eugene Phoa of Fraser Milner Casgrain LLP advised Manulife Financial in connection with the debt transfer and discharge of security from 30 St. Clair West.