Transactions & Cases Detail
GE Canada Real Estate Equity sells Ontario property portfolio for C$1 billion
May 15, 2013
Real Property / Construction
1 Billion CAD
On May 15, 2013, Slate Properties Inc. and its related group of companies (Slate) and Incore Equities Inc. (Incore Equities) purchased from GE Canada Real Estate Equity (GE) GE’s Ontario real property portfolio consisting of 79 properties throughout the Province of Ontario. Concurrently with the closing of the aforementioned transaction, Pure Industrial Real Estate Trust (PIRET) purchased 59 of the properties constituting the industrial portion of the GE portfolio, Incore and Slate purchased the Toronto core office properties and another Slate entity purchased the suburban office properties. The combined purchase price of the entire portfolio was approximately $1 billion.
GE Canada Real Estate Equity, headquartered in Toronto, Ontario, is a unit of General Electric Co. and has been investing in the commercial real estate sector since 1973.
PIRET, headquartered in Vancouver, British Columbia is an unincorporated, open-ended investment trust.
Incore Equities is a pension investment corporation and its shareholders include Canadian pension funds and other qualifying institutional entities managed by Greystone Managed Investments Inc., which is headquartered in Regina, Saskatchewan.
Slate, headquartered in Toronto, Ontario is a commercial real estate investor and asset manager.
McCarthy Tétrault LLP represented GE Canada Real Estate Equity, the seller, and GE Canada Real Estate Financing Holding Company in the purchase financing, with a team that was led by Abraham Costin.