Allied Properties Real Estate Investment Trust (TSX:AP.UN) completed the acquisition of 700 de la Gauchetière Street West (“700 DLG”) and the RCA Building, 1001 Lenoir Street (“RCA Building”), both in Montréal. Allied REIT has owned, managed and redeveloped urban workspace in Montréal since 2005.
700 DLG is located in the southern portion of Montréal’s Downtown Core. The purchase price of 700 DLG was $322.5 million.
The RCA Building is located in Saint-Henri, an emerging mixed-use neighbourhood west of Griffintown and south of Westmount, and close to El-Pro Lofts, which Allied REIT acquired last year. The purchase price was $80 million.
BCF Business Law represented Allied REIT for each acquisition, namely by a Real Estate team led by Consulting Partner Laurent Roy, and including Eleonora Eusepi, Pierre Pratte and Julie Doan. Richard Epstein and Geneviève Martin provided Competition advice.
Osler, Hoskin & Harcourt LLP represented the sellers of 700 DLG with a team consisting of Stella Di Cresce, Eric Choi, Nicole Cloutier and Caroline Stephens (Real Estate) and Shuli Rodal (Competition/Antitrust & Foreign Investment).
Otera Capital Inc. (the existing Lender on the 700 DLG) was represented by Pierre-Denis Leroux from Blake, Cassels & Graydon LLP.
James Khazzam of Miller Khazzam represented the sellers of the RCA Building.