Montez acquires Sears Interest in Quebec Portfolio

Montez Core Income Fund II Limited Partnership acquired Sears' interest in eight shopping centres in Quebec representing 50 per cent undivided interest thereof for a purchase price of approximately $ 320 Million. The shopping centres included Carrefour Angrignon (Montreal), Carrefour du Nord (Saint-Jerome), Carrefour Richelieu (Saint-Jean-sur-Richelieu), Les Promenades Drummondville (Drummondville), Mega-Centre Drummondville (Drummondville), Place Angrignon (Montreal (Borough of LaSalle)), Place Pierre Caisse (Saint-Jean-sur-Richelieu) and St-Joseph Blvd (Drummondville).

Borden Ladner Gervais LLP's Morty Gross, Noella Milne, John Sullivan, Raphael Roditi and Xue Yan acted as counsel to Montez Corporation/Montez Core Income Fund II Limited Partnership.

Stikeman Elliott LLP in Toronto represented the vendor, Sears Canada, with a team of Simon Romano and John Dow. Stikeman Elliott in Montreal represented Westcliff, the co-owner and property manager of the properties with Neil Bindman, Laura Salvati, Julien Lefebvre and Sarah Shapiro (real estate) and Frank Mathieu and Dominic Bédard-Lapointe (tax). Stéphane Lalande from De Grandpré Chait LLP represented the lenders, Standard Life and Manufacturers Life, of Drummondville. Blake, Cassels & Graydon LLP (Montreal) was outside counsel to Sun Life Assurance Company of Canada, The Great West Life Assurance Company, and London Life Insurance Company, the lenders of Carrefour Angrignon, with a team including Pierre-Denis Leroux, Camille Paulus, Keri Clair-Bookalam, Niki Khatami and Mark Platteel. Sun Life was also represented in-house by Leslie Chukly, Assistant Vice-President and Senior Legal Counsel.