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

Date Closed

August 19, 2016

Lead Office



2.10 Billion CAD

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.