Entertainment Properties Trust Acquires Four Retail Centres

On March 1, 2004, Kansas City-based Entertainment Properties Trust acquired four entertainment retail centres in Mississauga, Oakville, Whitby and Kanata, Ontario with an aggregate value of $223 million.

The transactions involve four separate AMC megaplex theatre-anchored retail centres that were developed and managed by PenEquity Management Corp. The centres contain a combined 893,000 square feet of retail and entertainment space.

PenEquity served as asset manager and advisor to the four vendors, which are comprised of various Canadian pension funds. PenEquity will continue to manage the centres, and the parties have formed a strategic alliance for the future development of approximately 230,000 square feet of additional density on the sites. GMAC Commercial Mortgage of Canada, Ltd. provided acquisition financing aggregating $128.6 million.

The trust was represented by Stikeman Elliott LLP, with a team led by Brenda Hebert and C. Mario Paura, and assisted by Aaron Atcheson, Savvas Kotsopoulos and Raymond McDougall (securities), Jason Kroft (corporate/trust) and Roanne Bratz and Marie-Andrée Beaudry (tax); and by Paul Smith of Stewart McKelvey Stirling Scales.

PenEquity and the vendors were represented by Gardiner Roberts LLP in Toronto, with a team led by Robert Schwartz, and assisted by Paul Stoyan (corporate/securities) and Tracy Loconte, John Atchison and Nelson Das Neves.

GMAC was represented by Vincent Berry, director, closing; and by Fraser Milner Casgrain LLP, with a team led by Yvonne McAndrew, and assisted by Heidi Clark, Scott Burke and Megan Berntt.