Cassels Brock Acts for True North Apartment Real Estate Investment Trust in its $121 Million Acquisition of a Residential Property Portfolio in Montreal, Quebec
On July 17, 2012, True North Apartment Real Estate Investment Trust (the “REIT”) closed its acquisition of a portfolio of residential properties located in the borough of Saint-Laurent, Montreal, Quebec. The portfolio, which is comprised of 127 buildings, containing 1,528 residential suites, was purchased for approximately $121 million with an implied capitalization rate of 7%. The purchase price was satisfied by a combination of approximately $37 million in cash, the assumption of approximately $58 million in aggregate principal amount of CMHC insured mortgage debt and approximately $26 million aggregate principal amount of vendor take-back mortgage debt.
Cassels Brock Acted for the REIT with a team that included David Redmond (Real Estate), Tom Koutoulakis (Securities), Lawrence Wilder (Securities), Philip Long (Securities) and Jonathan Freeman (Real Estate).