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Client Work

Retrocom Mid-Market REIT acquires property portfolio for US$182 million

Fasken
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Retrocom Mid-Market REIT

On July 26, 2005, Retrocom Mid-Market REIT completed the acquisition of a portfolio of seven shopping malls located in Saskatchewan, Ontario and Quebec from RioCan REIT for a purchase price of approximately $182 million. The purchase price was satisfied in cash, with the assumption of existing mortgages and the issuance to RioCan REIT of a $30 million principal amount 4.5% convertible non-callable debenture. The cash consideration of the acquisition was funded by Retrocom Mid-Market REIT from the proceeds of a public offering that consisted of $51.5 million of units and $20 million of 7.5% convertible unsecured subordinated debentures. The offering was underwritten by a syndicate that was led by CIBC World Markets Inc. and included TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation and Desjardins Securities Inc. Retrocom Mid-Market REIT was represented by Fasken Martineau with a team that included Anil Aggarwal, Jonathan Levin, Georges Dubé, Jamie Pennell and Steve Saville (corporate/securities), Belinda James, Dan Law and Alysha Valenti (real estate), Mitchell Thaw (tax) and Rosalind Cooper (environmental). Richard Clare and Marie-José Roux-Fauteux of Fasken Martineau's Montreal office provided assistance with the REIT's purchase of the property in Quebec.

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