Intrawest sells Blue Mountain properties to Skyline International
April 15, 2013
On April 15, 2013, Intrawest ULC sold it's ownership and management interests in the existing commercial retail space and development lands located in Blue Mountain, a resort village near Collingwood, Ontario to Skyline International Development Inc.
Under the retail portion of the transaction, Skyline acquired and will manage 50% of existing commercial retail space within the Blue Mountain Village. In addition, Skyline will also manage the remaining 50% of the Village’s retail space which Intrawest sold to a third party a number of years ago. Skyline also acquired the land to build an additional 20,000 square feet of retail space within the Village.
In the residential portion of the transaction, Skyline acquired all remaining developable land in and adjacent to the Village, planning to double the Village’s current residential and condo-hotel footprint. Skyline intends to develop over 1,200 residential and condo-hotel units, townhouses and single-family homes in the years ahead.
Part of the purchase price was financed through a secured loan made by Integrated Private Debt Fund III LP. IPD manages and provides funding from the C$1.1 billion Integrated Private Debt Fund LPs on behalf of a number of Canadian pension funds and other institutional investors. IPD offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
Intrawest, headquartered in Denver, Colorado, is a developer and operator of destination resorts and a luxury adventure travel company.
Skyline, headquartered in Toronto, Ontario, is an operator and developer of destination communities in Ontario.
McCarthy Tétrault LLP represented Intrawest, with a team led by Peter Quinn.