Borden Ladner Gervais Represented Northern Property REIT
in a $3 Billion Acquisition
Toronto (November 4, 2015) — On October
30, 2015, Northern Property Real Estate Investment Trust (NPR)
completed transactions involving the acquisition of all of the
assets and properties of True North Apartment REIT (True North).
NPR also acquired a portfolio of multi-family real estate assets
from affiliates of Starlight Investments Ltd., as well as from
joint ventures between affiliates of the Public Sector Pension
Investment Board and affiliates of Starlight. These transactions
represent Canada's largest multi-family real estate
NPR acquired all of the assets and properties of True North
through a court approved plan of arrangement. As consideration,
True North unitholders received 0.3908 of an NPR trust unit for
each True North trust unit held, and True North class B limited
partnership unitholders received 0.3908 of an NPR Class B LP Unit
for each True North class B limited partnership unit held.
In addition, NPR acquired 33 apartment properties held by
Starlight and from a joint venture between affiliates of Starlight
and PSP Investments, for the aggregate purchase price of $535.1
million, which was satisfied by the payment of cash, the assumption
of debt, and the issuance of NPR Trust Units and NPR Class B LP
Units, which are economically equivalent to and exchangeable for
NPR Trust Units. The value of the new combined entity will be
approximately $3 billion, ?creating Canada's third largest
In connection with the closing of the transactions, two Canadian
chartered banks provided to NPR a senior secured non-revolving term
loan facility, in the amount of $325.0 million to finance the
acquisition of the private portfolio, and a senior secured
non-revolving bridge facility, in the amount of $25 million to
provide additional liquidity.
On closing, NPR changed its name to Northview Apartment Real
Estate Investment Trust (Northview). On or about Nov. 4, 2015,
Northview will commence trading on the TSX under the symbol
Northview, headquartered in Calgary, Alberta, is primarily a
multi-family residential real estate investor, providing a broad
spectrum of rental accommodations across Canada.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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