Cassels Brock Assists Wand Capital Corporation with the Completion of Its Qualifying Transaction with True North Apartment Real Estate Investment Trust
On June 5, 2012 Wand Capital Corporation, a capital pool company listed on the TSXV, completed its reorganization under a plan of arrangement under the Business Corporations Act (Ontario) into a REIT named “True North Apartment Real Estate Investment Trust” (the “REIT”).
The REIT also completed its initial acquisition on June 5, 2012, of a 72-suite multi-residential rental property in Guelph, Ontario for the purchase price of $7.55 million.
On June 6, 2012, the REIT purchased 457 & 499 Albert Street in Waterloo, Ontario, completing its second acquisition. The purchase price for the second acquisition was approximately $5.08 million.
On June 7, 2012, the REIT purchased 35 Mowat Boulevard in Kitchener, Ontario for approximately $1.3 million, completing its third acquisition of a multi-residential rental property.
Cassels Brock acted as counsel to the REIT in its reorganization and all acquisitions with a team that included David Redmond (Real Estate & Development), Tom Koutoulakis (Securities), Lawrence Wilder (Securities), Michael Brown (Securities), Adria Leung (Securities), Jonathan Freeman (Real Estate & Development), Ken Snider (Corporate Tax), Janice Vohrah (Corporate Tax) and Michael Platt (Corporate Tax).