In December 2017, Avon Canada announced the sale and leaseback of their Montreal facilities (including office, logistics and warehouse space) to Summit Industrial Income REIT, for a total consideration of 41 M$ and a 10 year leaseback, plus options.
As part of the transaction, Fasken assisted Avon in negotiating targeted exclusions to the triple-net leaseback to transfer upon the purchaser the responsibility for key preventative and corrective maintenance over the term of the leaseback. The advance planning of the transaction structure allowed Avon to secure key rights to maintain flexibility for transfers, financings and environmental monitoring and compliance programs at the property.
The team that advised Avon Canada on this transaction was composed of Mariella Lo Papa, Nicolas Leblanc and Sara Reid.
As part of the transaction, Fasken assisted Avon in negotiating targeted exclusions to the triple-net leaseback to transfer upon the purchaser the responsibility for key preventative and corrective maintenance over the term of the leaseback. The advance planning of the transaction structure allowed Avon to secure key rights to maintain flexibility for transfers, financings and environmental monitoring and compliance programs at the property.
The team that advised Avon Canada on this transaction was composed of Mariella Lo Papa, Nicolas Leblanc and Sara Reid.
