On February 28, 2022, Fasken advised Hullmark (250 Bowie) LP in respect of its acquisition of a 25% undivided interest in the property municipally known as 250 Bowie Avenue and 680 Caledonia Road, Toronto, Ontario. The property was purchased as a co-ownership with 12723603 Canada Inc. (Sun Life) as to the remaining 75% undivided interest for a purchase price of C$100 million. This transaction represents a significant acquisition for Hullmark Developments Ltd. ("Hullmark") as it is the sixth acquisition in the strategic partnership between Hullmark and Sun Life that has surpassed C$500 million in value.
Fasken assisted with all aspects of the acquisition including setting up the corporate entities for Hullmark and negotiating the co-ownership agreement and the management agreements with Sun Life.
Fasken advised Hullmark with a team led by Marty Emmons on the joint venture arrangements and Allyson Roy on the acquisition and including Harry Bhandal and Joanne Meadowcroft (Paralegal/Law Clerk).