CAP REIT Completes Merger With ResREIT

On June 1, 2004, Canadian Apartment Properties Real Estate Investment Trust (CAP REIT) completed its $1.9 billion merger with Residential Equities Real Estate Investment Trust (ResREIT). With the completion of the merger, CAP REIT became one of Canada’s largest residential landlords with interests in over 24,000 apartment and townhouse suites situated in major Canadian urban markets.
CAP REIT was advised by Stikeman Elliott, with a team that included David Ehrlich, Simon Romano, David Weinberger, Roula Eatrides and Jill Lankin (M&A), Dana Porter, Mario Paura and Chris Hanson (real estate), John Lorito (tax), Peter Hamilton and Justin Parappally (banking) and Paul Collins (competition).

Cassels Brock & Blackwell acted as special counsel to ResREIT with a team that included Lawrence Wilder and Jeffrey Roy (M&A).

Scotia Capital Inc. acted as exclusive financial advisor to CAP REIT with RBC Dominion Securities Inc. acting as ResREIT’s financial advisor.

Acquisition financing was provided by TD Bank and Bank of Nova Scotia in connection with CAP REIT’s new $330 million credit facility. The banks were represented by Goodmans, with a team that included David Nadler, Keren Groll and Steven Kresak (banking), and Andrew Wiseman, Ken Karp, Jeff Shore and David Goldstein (real estate).