Morguard REIT Completes $374M Acquisition of Penn West Plaza

Morguard Real Estate Investment Trust completed its acquisition of all of the issued and outstanding units of Degi Homburg Harris Limited Partnership, holder of a 100 per cent freehold interest in Penn West Plaza, a two-tower office property in Calgary, pursuant to purchase agreements with the German fund Degi International, represented by Aberdeen Immobilien Kapitalanlagesellschaft mbh, and Cominar Real Estate Investment Trust.

Morguard REIT financed a portion of the $374 million acquisition price pursuant to a mortgage loan arranged by RBC Capital Markets and Agented by Royal Bank of Canada and with Toronto Dominion Bank, collectively, the “Lenders.”

Morguard REIT was represented internally by Beverley Flynn and by McMillan LLP with respect to the acquisition, with a team that included Luigi Macchione, Bryan Ede, Robert Antenore, Damon Chisholm, Novy Cheema (real estate); David Dunlop, J.R. Beaudrie, Hilary Kwinter (corporate); Neil Campbell and Devin Anderson (competition); and by Stikeman Elliott LLP with respect to the financing: Eric Carmona and Nili Birshtein (financial services).

Degi was represented by Mark Brennan, Dugan Edmison (real estate) and Anthony Baldanza (competition) of Fasken Martineau DuMoulin LLP.

Cominar was represented by Sebastien Theriault, Elise Beauregard and Chrystelle Chevalier-Gagnon (corporate) and Fred Purkey (tax) of Davies Ward Phillips & Vineberg LLP.

The Lenders were represented by Jonathan See (financial services) and Mark Christensen (real estate) of McCarthy Tétrault LLP.