Dundee REIT completes C$832 million purchase of Slate/Blackstone Office Portfolio
August 15, 2011
832.00 Million CAD
On August 15, 2011, Dundee Real Estate Investment Trust (“Dundee”) purchased from affiliates of Blackstone Real Estate Advisors LP (“Blackstone”) and Slate Properties Inc. (“Slate”) a Canadian office portfolio consisting of 29 properties located in Calgary, Edmonton, Toronto and Ottawa for a purchase price of C$831.8 million. As part of the deal, Dundee redirected title to four of the properties to Allied Properties Real Estate Investment Trust (“Allied”) and one property to KingSett Canadian Real Estate Income Fund LP (“KingSett”) for a combined sale price of C$142 million.
This transaction constituted the largest office portfolio ever acquired by a Canadian REIT.
Dundee, headquartered in Toronto, Ontario, is an unincorporated, open-ended real estate investment trust.
McCarthy Tétrault LLP represented the Toronto-Dominion Bank, CIBC Mortgages and the Bank of Nova Scotia, the lenders, with a team led by John Currie, Gregory Barker, Paul Galbraith and Tzen-Yi Goh.