A&B Advises CREIT in the acquisition and financing of Calgary Place

Aird & Berlis LLP represented Canadian Real Estate Investment Trust ("CREIT") in the acquisition and financing of a 50% co-ownership interest in the office complex known as Calgary Place located in Calgary, Alberta for the sum of $156.0 million (CREIT’s share). Calgary Place is an office complex in downtown Calgary comprised of 575,000 square feet of leasable area in two Class A office towers connected by a two-level retail podium.

The property was acquired in a co-ownership with KingSett Capital on behalf of its Canadian Real Estate Income Fund. CREIT is responsible for providing full property management, leasing, accounting and project management services. The acquisition was financed in part by mortgage financing in the amount of $190 million provided by Royal Bank of Canada.

The A&B team acting for CREIT included Hayden Solomons and Christie McNeill (real estate and financing) and Lisa Moreau (competition).