On May 6, 2019, Minto Apartment Real Estate Investment Trust (the “REIT”) acquired the Rockhill property, a multi-residential rental property comprised of 1,004 suites in Montréal, Québec, from Ivanhoé Cambridge Inc.
The REIT is an unincorporated, open- ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing, multi-residential properties in urban markets in Canada. The REIT owns a portfolio of high-quality, income-producing, multi-residential rental properties in Toronto, Ottawa, Calgary and Edmonton.
Under the agreement, the REIT and Investors Real Property Fund each acquired an undivided 50% interest in the Rockhill property for a total consideration of $268 million. The Toronto-Dominion Bank provided $135 million to finance the acquisition. The REIT acts as the asset and property manager of the property.
The acquisition will position the REIT as an important participant in the strong Montréal multi-family residential market, providing it with immediate scale and unlocking other future opportunities.
The REIT was represented by Davies Ward Phillips & Vineberg LLP with a team that included Elias Benhamou, Mylène Nadeau, Mark Katz, Louise Patry and Charles Larose Jodoin.
Ivanhoé Cambridge Inc. was represented by Norton Rose Fulbright Canada LLP with a team that included Miguel Manzano and Christine Duguay.
Investors Real Property Fund was represented by Dentons Canada LLP with a team that included Stephen Lloyd and Pascale Vicaire.
The Toronto-Dominion Bank was represented by McCarthy Tétrault LLP with a team that included Annie Gagnon-Larocque and Mary Pagonis.