Borealis REIT Completes IPO

Toronto-based Borealis Retail Real Estate Investment Trust completed an initial public offering on July 17, 2003. Approximately $178 million in units were sold to the public and $44 million in units were sold to Ontario Municipal Employees Retirement System (OMERS). RBC Capital Markets Inc. led an underwriting syndicate that included CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., Desjardins Securities Inc. and Raymond James Ltd.

The net proceeds of the offering were used by the REIT to acquire Orchard Park Shopping Centre in Kelowna, B.C., Northland Village in Calgary, Park Place Mall in Lethbridge, Alberta, Stone Road Mall in Guelph, Ontario, Edinburgh Market Place in Guelph and Dufferin Mall in Toronto.
Borealis Real Estate Management Inc., a subsidiary of Borealis Capital Corporation, will provide asset management services to the REIT, and Oxford Properties will provide property management services.

The REIT and Borealis Capital were represented by Goodmans LLP, with a team led by Juli Morrow (real estate) and Stephen Pincus (corporate/securities), and including Andrew Wiseman, Perry Katz, Jeff Shore, Monica Mraz and David Goldstein (real estate), Bill Gorman, Gesta Abols, Steve Cohen, Mark Ableman and Corie Garbati (corporate/securities), Ann Elise Alexander (trusts) and Maureen Berry (tax). Goodmans also represented OMERS and its subsidiaries in connection with the sale of the properties to the REIT, and its subscription for units for the REIT.

The underwriters were represented by McCarthy T├ętrault LLP with a team led by Blair Cowper-Smith (corporate/securities) and Gord Sato (real estate), and included Frank DeLuca and Stevan Pepa (corporate/securities), Jerald Wortsman (tax), Bram Costin, Bram Green and Kar Soen Ho (real estate).

OMERS was represented by Osler, Hoskin & Harcourt LLP with a team led by Barbara McGregor (real estate), and including Janet Lee (real estate), Carl DeLuca (corporate) and Nancy Chaplick (pensions).