US $58M Spin-Off of Imperial Parking Corporation

On March 27, 2000, First Union Real Estate Equity and Mortgage Investments (First Union), an Ohio business trust, completed the reorganization and spin-off to its public shareholders of its subsidiary, Imperial Parking Corporation, valued at US$58 million. Delaware-based Imperial Parking owns, leases or manages over 1,400 parking lots in Canada and the United States and is the holding body corporate of Imperial Parking Canada Corporation, the largest provider of parking services in Canada.

Canadian legal advice was provided to First Union by a team from Fasken Martineau DuMoulin LLP, which included Lynne Golding, Eric Belli-Bivar, Michael Pasternack, Lisa Valde (corporate), Douglas Cannon, Mitchell Thaw (tax) and Belinda James (real estate). Participating in the transaction were Nicola-Jane McNeill and Todd Croll, Imperial Parking Canada’s in-house counsel. US advice was provided by a team from the Boston firm of Hale and Dorr LLP which included Thomas Barrette, Robert D. Burke and Bipasa Nadon, as well as a team from the Cleveland firm of Hahn Loeser & Parks LLP which was led by Steven Sneiderman and Herbert Hotchkiss.