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Transaction/Case Details

Bluesky Hotels and Resorts completes $2.1B acquisition of InnVest REIT

DATE CLOSED

August 19, 2016

BUSINESS SECTOR

Real Property / Construction

LEAD OFFICE

Toronto

VALUE

2.1 Billion CAD


OVERVIEW

On August 19, 2016, Bluesky Hotels and Resorts completed its acquisition of InnVest Real Estate Investment Trust by way of a plan of arrangement under the Business Corporations Act (Alberta) for approximately C$2.1 billion. Pursuant to the transaction, Bluesky acquired all of the issued and outstanding units of InnVest for $7.25 in cash per unit and has redeemed all of the 6.00% Series E convertible debentures, the 5.75% Series F convertible debentures and the 6.25% Series G convertible debentures.

The transaction received the unanimous approval of the Board of Trustees of InnVest and gained the full support of InnVest's management team. Closing was subject to a number of customary conditions, including the approval of InnVest unitholders and Canadian regulatory approvals under the Investment Canada Act and the Competition Act.

Bluesky is a privately-held Canadian corporation, with an interest in developing a diversified asset portfolio of hotels, hospitality services, real-estate and other long-term holdings. Prioritizing opportunities to continually enhance its portfolio quality, Bluesky is focusing on the ownership and development of the hotels in the InnVest portfolio.

InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 107 hotels across Canada.

McCarthy Tétrault LLP acted as legal counsel to Bluesky with a team including Graham Gow, Oliver Borgers, Robert Hansen, Patrick McCay, Jamie Orzech, Bobby Wang, Charlene Schafer, Heidi Gordon, Nicole Rumble, Na Fan and Suraj Rammohan.

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