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Client Work

Crombie REIT acquires 68 retail properties indirectly owned by Safeway, in connection with the Sobeys acquisition of Safeway

Fasken
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Overview

Client

Scotiabank

Crombie Real Estate Investment Trust has acquired a portfolio of 68 retail properties initially acquired by Sobeys Inc. in connection with its $5.8 billion acquisition of Canada Safeway for an aggregate purchase price of $990 million. Crombie’s acquisition of the Properties was partially financed by The Bank of Nova Scotia. All of the Properties are located in Western Canada, with 39.6 % of the Properties’ GLA located in British Columbia, 42.6% in Alberta, 4.8% in Saskatchewan and 13.0% in Manitoba. Fasken Martineau advised Scotiabank with a team including John Torrey, Dave Johnson (Banking & Finance), Sergio Custodio, Andrea Centa, Amanda Demner and Laura Smith (Real Estate).

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