On October 15, 2003, Symcor Inc. acquired, for $20 million in cash, a three-building complex from the Bank of Nova Scotia, together with related assets and employees, located at Prince Andrew Place in Toronto, and used in Symcor’s financial transactions outsourcing business. The property was then sold to H&R Real Estate Investment Trust to complete a sale/lease-back arrangement, which was commenced with the REIT in September 2003.
Symcor was represented in-house by Loreto Grimaldi, associate general counsel; and assisted by Stikeman Elliott LLP, with a team that included C. Mario Paura and Andrew Elliott. The bank was represented by in-house counsel Boris Zayachkowski. The REIT was represented by Minden Gross Grafstein & Greenstein LLP in Toronto, with a team that included David Kutner, Leonard Baranek and Robyn Kestenberg.