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May 16, 2013
A&B Assists Skyline in Significant Portfolio Acquisition
Aird & Berlis LLP represented Skyline Commercial REIT (Skyline) in its multi-phased acquisition of 46 commercial properties from Conundrum Capital for a purchase price of approximately $242 million.
The commercial portfolio was comprised of 29 properties primarily located in the Greater Toronto Area (Phase 1) and 17 properties in the City of Ottawa (Phase 2). The portfolio is made up of nearly 2.4 million square feet of commercial space, spanning across nine Ontario cities. Phase 1 was fully acquired in October 2012 and a portion of the Phase 2 Ottawa properties was closed in January 2013. The remainder of the Phase 2 properties closed in April 2013.
The purchase price for these properties was partially settled by way of the assumption of existing conduit indebtedness and the creation of new indebtedness with the balance of funds provided through equity raises completed by Skyline. A&B was lead counsel in structuring the acquisitions and financings.
The A&B team acting for Skyline included Hayden Solomons, Christie McNeill and Michael Ventresca (real estate).