On March 18, 2009, Canadian Storage Partners ULC, a member of the TKG-StorageMart group of companies, completed its acquisition of InStorage REIT by way of take-over bid and compulsory acquisition for consideration of $4 in cash per InStorage REIT unit. The transaction valued InStorage REIT at approximately $416 million.
InStorage REIT owns and operates 57 self-storage facilities in Ontario, Quebec, Alberta and Saskatchewan and is a joint venture partner with respect to four additional self-storage facilities.
The acquisition of InStorage REIT required the consent of lenders holding in excess of $175 million of securitized loans and lenders with conventional loans in excess of $100 million. Prior to the announcement of its take-over bid, Canadian Storage Partners and its affiliates held approximately 19.5 per cent of the outstanding InStorage REIT units. Including the InStorage REIT portfolio, the TKG-StorageMart group owns, operates and is developing 124 self-storage facilities throughout North America totalling approximately eight million square feet of gross rentable area.
The TKG-StorageMart group was represented in Canada by Davies Ward Phillips & Vineberg LLP with a team in Toronto that included Mark Connelly, Jim Reid, Darren Wasylucha and Michael Rapps (corporate/securities); John Ulmer and Raj Juneja (tax); Gabriella Lombardi, Patrice Thomas and Daniel Remick (real estate) and Chris Margison (regulatory). The TKG-StorageMart group was also represented in the US by Van Matre, Harrison, Volkert, and Hollis, P.C. with a team that included Craig Van Matre, Tom Harrison and Matt Volkert.
InStorage REIT was represented by McCarthy Tétrault LLP with a team that included Graham Gow, Roger Chouinard, Ian Michael and Matthew Appleby (corporate/securities); Danny Grandilli, Alysha Valenti and Kamil Umar (real estate); James Morand (tax); Dean Palmer (employment); Jeanette Lee (intellectual property) and Oliver Borgers and Donald Houston (regulatory).
InStorage REIT owns and operates 57 self-storage facilities in Ontario, Quebec, Alberta and Saskatchewan and is a joint venture partner with respect to four additional self-storage facilities.
The acquisition of InStorage REIT required the consent of lenders holding in excess of $175 million of securitized loans and lenders with conventional loans in excess of $100 million. Prior to the announcement of its take-over bid, Canadian Storage Partners and its affiliates held approximately 19.5 per cent of the outstanding InStorage REIT units. Including the InStorage REIT portfolio, the TKG-StorageMart group owns, operates and is developing 124 self-storage facilities throughout North America totalling approximately eight million square feet of gross rentable area.
The TKG-StorageMart group was represented in Canada by Davies Ward Phillips & Vineberg LLP with a team in Toronto that included Mark Connelly, Jim Reid, Darren Wasylucha and Michael Rapps (corporate/securities); John Ulmer and Raj Juneja (tax); Gabriella Lombardi, Patrice Thomas and Daniel Remick (real estate) and Chris Margison (regulatory). The TKG-StorageMart group was also represented in the US by Van Matre, Harrison, Volkert, and Hollis, P.C. with a team that included Craig Van Matre, Tom Harrison and Matt Volkert.
InStorage REIT was represented by McCarthy Tétrault LLP with a team that included Graham Gow, Roger Chouinard, Ian Michael and Matthew Appleby (corporate/securities); Danny Grandilli, Alysha Valenti and Kamil Umar (real estate); James Morand (tax); Dean Palmer (employment); Jeanette Lee (intellectual property) and Oliver Borgers and Donald Houston (regulatory).
Lawyer(s)
James G. Morand
Jeanette Lee
Christopher Margison
Ian C. Michael
Alysha C. Valenti
Gabriella Lombardi
Roger J. Chouinard
Matthew Appleby
James R. Reid
Dean T. Palmer
Kamil Umar
Raj Juneja
John M. Ulmer
Mark Q. Connelly
Patrice A. Thomas
Oliver J. Borgers
Danny C. Grandilli
Daniel S. Remick
Graham P.C. Gow
Firm(s)
Davies Ward Phillips & Vineberg LLP
McCarthy Tétrault LLP