LGI Investments Ltd., a real estate investment company, acquired a portfolio of three newly constructed residential rental buildings located at 1280, 1290, and 1300 Junction Avenue in Nanaimo, British Columbia, comprising 213 rental units, for approximately C$70.4 million.
Fasken advised LGI on all aspects of the transaction, including negotiating the purchase agreement, conducting comprehensive due diligence, and securing CMHC-insured financing. The transaction involved newly constructed and tenanted buildings with approximately 90% occupancy at closing, requiring complex pre- and post-closing diligence relating to municipal servicing works, bonds, securities, tenant matters, and closing adjustments.
The acquisition expanded LGI's residential rental portfolio and diversified its existing commercial real estate holdings. Fasken also guided LGI through a complex CMHC-insured financing process, helping ensure the successful completion of the transaction.
Fasken advised LGI with a team led by Kareem Jetha and Paul Grewal (Real Estate) and included Michael Griffin (Real Estate).
Jurisdiction
- British Columbia
