Calloway REIT Acquires First Pro Shopping Centres

Calloway Real Estate Investment Trust acquired nine shopping centres on November 4, 2003: seven in Ontario, one in Nova Scotia and one in Alberta, from First Professional Shopping Centres (First Pro) for an aggregate consideration of $106.278 million. The purchase price was paid by the REIT’s assumption of net mortgages in the amount of $57.078 million, the issuance to First Pro of 3,100,525 units, and one million warrants and the balance of $11 million in cash.

The REIT was represented by David Calnan, Joe Brennan and Glenn Warkentin of Shea Nerland Calnan in Calgary; and assisted by Jules Mikelberg, Linda Misetich and Renata Rizzardi of Goodman and Carr LLP.

First Pro was represented by in-house counsel David Taras; and assisted by Goodmans LLP, with a team that included William Alcamo, Neil Sheehy and Steve Cohen (corporate) and Ken Herlin and Jeff Shore (real estate).