Urbco Shareholders Approve Portfolio Conversion

On April 15, 2002, the shareholders of Calgary-based, TSX-listed Urbco Inc. approved the conversion of its real estate rental portfolio into Northern Property Real Estate Investment Trust and a concurrent spin-out of its development business to a newly created entity, NewNorth Projects Ltd. Northern Property concurrently raised $70 million from its initial public offering of units through an underwriting syndicate led by BMO Nesbitt Burns Inc. Both transactions closed concurrently on May 30, 2002.

Northern Property and Urbco were represented by Borden Ladner Gervais LLP, with a team led by Bill Sirett and including Robert Kopstein (tax) and John Poetker, Dan Kolibar, Diana Kenny and Jason Francoeur in Calgary, and Fred Pletcher, Barb Smith and Eric Doherty in Vancouver.
The underwriters were represented by Torys LLP, with a team led by Pat Koval and including Chris Fowles and Karen Burke (securities), Paul Kennedy (real estate) and Lucia ten Kortenaar (tax).