GE Canada Real Estate Equity (“GE”) completed the sale of its Ontario real property portfolio consisting of 79 properties. Slate Properties Inc. and its related group of companies (“Slate”) and Incore Equities Inc. (“Incore Equities”) purchased the Toronto core office properties and another Slate entity purchased the suburban office properties. Pure Industrial Real Estate Trust (“PIRET”) purchased the 59 properties constituting the industrial portion of the portfolio. The combined purchase price of the entire GE portfolio was approximately $1 billion.
Slate and Incore were represented by Goodmans LLP by a team led by Stephen Belgue and which included Ken Herlin and Jeff Shore (real estate); Richard Annan (competition); Joe Conforti and Sara Gottlieb (employment) and Jon Northup, Glenn Ernst and Jarrett Freeman (tax). In connection with co-ownership and tax matters, In-core was represented by Dentons Canada LLP with a team led by Ronald Goldenberg (real estate); which included Don Macintosh (corporate); Tony Schweitzer and Jesse Brodlieb (tax) and Mark Dunsmuir (pensions). GE was represented by McCarthy Tétrault LLP by a team led by Bram Costin and which included Jamie Orzech and Patrick Kee. PIRET was represented by WeirFoulds LLP by a team led by Steven Rukavina and Patrick Nugent which included Jonathan Born and Richard Arezes (real estate); David Thompson and Karsten Lee (leasing); John Wilkinson (employment); Ryan Filson (corporate) and Nikiforos Iatrou (competition). In addition, James Speakman of Clark Wilson LLP provided real estate, corporate and securities advice to PIRET.
In connection with the financing of Slate's and Incore's purchases, Tzen-Yi Goh and Charlene Schafer of McCarthy Tétrault LLP acted on behalf of GE Canada Real Estate Financing Holding Company. In connection with the financing of PIRET's purchase, Derek Vesey, Jennifer Prieto and David Reiner of Davies Ward Phillips & Vineberg LLP acted on behalf of Bank of Montreal and Royal Bank of Canada.