On November 1, 2005, Allied Properties REIT completed the acquisition from Camwood Properties Ltd. of a portfolio of 12 class I properties comprised of 285,434 square feet in downtown Toronto for a purchase price of $56 million consisting of assumed mortgages in the amount of $12.13 million and the balance in cash. This acquisition significantly bolsters the REIT's position as the leading provider of class I office space, which increased the size of its portfolio in King West central by 12 per cent, in the entertainment district by 33 per cent, and in downtown east by 22 per cent.
The REIT also closed the offering to the public of 1.3 million units from treasury at a price of $15.50 per unit through a syndicate of underwriters led by Scotia Capital Inc. that included RBC Dominion Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., TD Securities Inc., Genuity Capital Markets and HSBC Securities (Canada) Inc., the proceeds of which were used to fund a portion of the price for the portfolio.
The REIT was represented by Aird & Berlis LLP with a team that included Michael Smith, Hayden Solomons and Marc McClean (real estate) and Margaret Nelligan, Jaime McVicar and Sherri Altshuler (securities).
Camwood Properties was represented by Nico Paul, Q.C., of Paul and Paul.
The underwriters were represented by Stikeman Elliott LLP with a team that included David Ehrlich, David Weinberger, William Van Horne and Aaron Platt.
The REIT also closed the offering to the public of 1.3 million units from treasury at a price of $15.50 per unit through a syndicate of underwriters led by Scotia Capital Inc. that included RBC Dominion Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., TD Securities Inc., Genuity Capital Markets and HSBC Securities (Canada) Inc., the proceeds of which were used to fund a portion of the price for the portfolio.
The REIT was represented by Aird & Berlis LLP with a team that included Michael Smith, Hayden Solomons and Marc McClean (real estate) and Margaret Nelligan, Jaime McVicar and Sherri Altshuler (securities).
Camwood Properties was represented by Nico Paul, Q.C., of Paul and Paul.
The underwriters were represented by Stikeman Elliott LLP with a team that included David Ehrlich, David Weinberger, William Van Horne and Aaron Platt.
