IPC US Income Commercial REIT Completes IPO

IPC US Income Commercial REIT closed a $155 million initial public offering on December 20, 2001. IPC US Income Commercial REIT will be Canada’s first REIT to invest exclusively in U.S. commercial real estate properties.

Davies Ward Phillips & Vineberg LLP represented the issuer and IPC. The DWPV team, which involved the Toronto and New York offices, was led by John Ulmer and included Colin Campbell and Jonathan Tennant (tax matters) and Carol Pennycook, Mitchell Finkelstein, Tarne Whiteley, Jim Nikopoulos, Mark Connelly, Steve Levin and Christian Lucky (corporate, securities and real estate). Peter Glicklich and Abraham Leitner of Roberts and Holland LLP worked with DWPV and the REIT with respect to U.S. tax matters, and Michael Peskowitz of Sidley Austin Brown & Wood in New York assisted with respect to real estate matters. The senior executive officers of IPC leading the transaction were Vinay Kapoor, Gary Goodman, Dov Meyer and Lis Wigmore.

Goodmans LLP represented the syndicate of underwriters comprised of CIBC World Markets Inc., HSBC Securities (Canada), RBC Capital Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial and Raymond James Financial, Inc. The Goodmans team was led by Stephen Pincus and included William Alcamo, Neil Sheehy and Bill Gorman (corporate, securities and real estate) and Mitchell Sherman and Maureen Berry (tax). Goodmans was assisted by Fred Altschuler of Cadwalader, Wickersham & Taft on U.S. legal matters and by Gary Gartner and Matt O’Laughlin of Andersen on U.S. tax matters. Seymour Temkin and John Cressatti of Deloitte & Touche LLP provided accounting advice to the REIT.