Morguard Acquires Revenue Properties Equity Securities

Morguard Corp. acquired, on July 31, 2002, 35.9 per cent of the equity securities of Revenue Properties Company Limited (RPCL) from its former principal shareholder, Mark M. Tanz, bringing its stake in RPCL to approximately 76.5 per cent of the equity. The purchase price of the shares was approximately $38 million, part of which was paid in cash, the balance payable over three years pursuant to a promissory note.

Morguard was represented by in-house counsel Eugene Hretzay, and by Stikeman Elliott with a team consisting of William Braithwaite and John Ciardullo (corporate/securities) and Sandy Walker and Peter Gay (competition). Mark Tanz was represented by Stephen Halperin and Sheldon Freeman of Goodmans LLP.