Companies affiliated with Kevric Real Estate Corporation Inc. and an institutional investor (collectively, “Kevric”) purchased properties consisting of the three office towers known as Consilium Place and surrounding development lands, located in Scarborough, Ontario, from Menkes/AEW Consilium Partnership for $199 million.
Menkes/AEW Consilium Partnership is a partnership among companies owned by the Menkes family and a real estate opportunity fund managed by AEW Capital Management LP, located in Boston, Massachusetts.
The purchase was financed by the assumption of first mortgage financing provided by CDPQ Mortgage Corporation, the mortgage lending arm of the Caisse de Dépôt et Placement du Québec with an outstanding principal amount of $133 million.
Menkes/AEW Consilium Partnership was represented by Goodmans LLP, with a team led by Stephen Belgue and including Daniel Shapira (real estate) as well as Richard Annan (competition).
Kevric was represented by Blake, Cassels & Graydon LLP, with a team led by Norm Saibil and including Silvana D'Alimonte, Lauren Temple and Daniel Kofman (real estate) and Julie Soloway and David Rosner (competition).
CDPQ Mortgage Corporation was led in-house by Geneviève Grenier and represented by Fasken Martineau DuMoulin LLP with a team including Richard Clare and Martin Racicot in Montreal and Andrea Centa and Marc Lefler in Toronto.