TransGlobe Apartment REIT Completes IPO

On May 14, 2010, TransGlobe Apartment Real Estate Investment Trust (the “REIT”) completed its initial public offering of trust units. The offering, which raised gross proceeds of approximately $247.3 million, was underwritten by a syndicate of underwriters led by CIBC and including RBC Capital Markets, TD Securities Inc., BMO Nesbitt Burns Inc., Citigroup Global Markets Canada Inc., Canaccord Genuity Corp., Scotia Capital Inc., National Bank Financial Inc. and Dundee Securities Corporation.

A total of approximately 24.7 million trust units were issued and sold at a price of $10 per unit. The aggregate net proceeds of the offering, together with the assumption of approximately $455 million in mortgage debt secured against such properties and the issuance of $20 million in convertible secured debentures, were used by the REIT to indirectly acquire a portfolio of approximately 8,200 residential suites in 65 multi-suite residential rental properties located in Alberta, Ontario, Québec, New Brunswick and Nova Scotia. The portfolio is currently operated and owned or co-owned by affiliates of TransGlobe Investment Management Ltd.

The REIT was represented by Blake, Cassels & Graydon LLP, with a team led by William Fung that included Leslie Johnson, Matthew Merkley and Julia Tomson (securities); Frank Guarascio, Kurt Sarno, Andrew Gordon and Stefan Timms (corporate); Michael Burke and Michelle Schwartzberg (financial services); Deborah Salzberger and Cassandra Brown (competition); Antonio Turco and Athar Malik (intellectual property) and Chris Van Loan and Jesse Brodlieb (tax).

The underwriters were represented by Torys LLP with a team led by Patricia Koval that included Simon Knowling and Michael Zackheim (corporate/securities); Graham Rawlinson (real estate); David Dell and Amanda Kieswetter (debt finance and lending); Michael Fortier (environmental); Edward Fan (intellectual property) and Corrado Cardarelli and Grace Pereira (tax). Daniel Raglan of Torys, New York, also acted as special US securities counsel to the REIT and the underwriters.

Lawyer(s)

Antonio Turco Michelle L. Schwartzberg David A. Dell Cassandra Brown William Fung Matthew Merkley Michael J. Fortier Deborah Salzberger Patricia A. Koval Grace Pereira Christopher R.J. Van Loan Andrew Gordon Stefan Timms Michael Burke H. Graham Rawlinson Michael Zackheim Corrado Cardarelli Leslie A. Johnson Edward Fan Frank D. Guarascio Julia Tomson Athar K. Malik Jesse S. Brodlieb Simon C. Knowling Kurt Sarno