On September 18, 2003, for an aggregate consideration of approximately $410 million, LRC Trust, a joint venture established by Retirement Residences Real Estate Investment Trust and Canada Pension Plan Investment Board acquired Lifestyle Retirement Communities Ltd., a wholly owned subsidiary of London Life Insurance Company, which owns and operates retirement homes in Ontario, Manitoba and B.C. Two retirement homes operated by Lifestyle, Hollyburn House and Crofton Manor in Vancouver, were also acquired by LRC Trust from The Great-West Life Assurance Company. Under the terms of the joint venture, the REIT and the CPP Investment Board each have a 50 per cent interest in the Lifestyle acquisition, while the REIT will provide management services to the joint venture. A $95 million credit facility to finance part of the acquisition was simultaneously completed with The Bank of Nova Scotia.
The REIT was represented in-house by Frank Cerrone, vice-president, general counsel and secretary. The REIT and the joint venture were also represented by Goodmans LLP, with a team led by Stephen Pincus and Michelle Roth, and included Joel Monson, Justin Beber and Erin Nicholas (corporate), Ira Barkin and Jim McLellan (commercial real estate), Dan Gormley (regulatory) and Jana Steele (pensions/trusts). John Ulmer and Neal Armstrong of Davies Ward Phillips & Vineberg LLP acted as tax counsel to the REIT and the joint venture.
CPP Investment Board was represented by Osler, Hoskin & Harcourt LLP, with a team led by Heather McKean and included Lara Friedlander, In Ha Jang, Chris Portner and David Tetreault.
London Life and Great-West Life were represented by Torys LLP, with a team led by Jim Lawson, Michael Akkawi and Victoria Carrier and included Jennifer Leach (corporate), Chris Medland (employment) and Carolyn Naiman (regulatory). The Bank of Nova Scotia was represented by Bennett Jones LLP, with a team that included Paul Mantini, Kyle Genga and Nicole Riggs.