On July 14, 2003, a joint venture of O&Y Real Estate Investment Trust and a corporation controlled by Winnipeg’s Asper Family completed their acquisition, from Bentall Corporation and TD Bank, of Winnipeg’s TD Centre and its adjacent land.
The total purchase price for the property was approximately $69 million, financed in part through a $43 million bank facility. The property contains an adjacent development parcel that Asper Tower Inc. and the REIT have proposed as a site for the new Manitoba Hydro headquarters.
The joint venture of the REIT and Asper Tower’s legal team was directed by in-house counsel Randy Northey, O&Y REIT, and included Paul Kennedy, Graham Rawlinson and Jay Holsten of Torys LLP. Ron Coke, David Marshall, Tim Kurbis, Norm Snyder and Donn Pirie of Taylor McCaffrey in Winnipeg acted on behalf of Asper Tower and as Manitoba counsel to the joint venture for the purchase and financing. Bentall was represented by Stu Wells and Peter Tolensky of Clark, Wilson in Vancouver.
John Stefaniuk and Elmer Gomes of Thompson Dorfman Sweatman in Winnipeg represented TD Bank, as co-vendor; was local counsel for Bentall Corporation; and was local counsel for TD Bank and CIBC on the financing. John Currie of McCarthy Tétrault LLP represented TD Bank and CIBC, the lenders to the joint venture.