Contents. Real Estate Investment Trusts 1 Real Estate & Development 4. Additional Representative Transactions 8
|
|
- Edmund Norman
- 6 years ago
- Views:
Transcription
1 REIT Practice Group
2 Cassels Brock has acted on some of the largest REIT transactions in Canada. From IPOs to take-overs to privatizations, we have a dedicated team of legal professionals with the experience to handle every aspect of your next transaction. Contents Investment Trusts 1 & Development 4 Tax 7 Additional Representative Transactions 8 Our REIT Team 9
3 Investment Trusts Unlocking Liquidity in Portfolios Canadian investors continue to be attracted to holding securities in these income-producing real estate vehicles. Experts attribute the most recent surge in popularity to stable yields, substantial tax advantages and the relatively low risk profile of real estate investment trusts (REITs), especially when compared with other investments. This may also be why REITs are seen as an attractive investment alternative in the Canadian capital markets. Canadian REITs span a wide and growing range of real estate sectors and markets. These include multi-residential, commercial, industrial, office, medical complex, seniors housing, hospitality and self-storage. Several cross-border and internationally-focused REITs have formed to acquire and manage real estate assets in the US and Europe. A number of leading Canadian companies have spun their real estate portfolios into publicly traded REITs. Cassels Brock acted on behalf of Canadian Tire Corporation, Limited (CTC) as the promoter of the initial public offering of trust units in CT Investment Trust (CT REIT) and in connection with the sale by CTC to CT REIT of a significant portion of CTC s real estate portfolio. In addition, many US and foreign-based owners of property portfolios are considering Canadian public markets as a viable liquidity option. These transactions require complex tax and corporate structuring and should be executed by Canadian and foreign advisors who are experienced in this specialized area. Cassels Brock is currently engaged in a number of mandates directed at forming foreign-based REITs and bringing them to market in Canada. Cassels Brock is proud to have worked on the first Canadian REIT focused solely on non-canadian assets, through our involvement in Dream Global REIT s (formerly Dundee International REIT) successful IPO. June 2015 Investment Trust Practice Cassels Brock & Blackwell LLP 1
4 Investment Trusts Leading Advisors in an Active REIT Merger Market Our REIT group regularly assists clients with complex merger and acquisition transactions on both the acquirer and target sides, under both hostile and negotiated scenarios. We advise REITs and special committees of trustees to negotiate, structure and complete acquisitions, dispositions, business combinations and other REIT-related transactions. Cassels Brock played a leading role in two of the largest recent REIT merger and acquisition transactions in Canada. These were the $2.3 billion privatization of TransGlobe REIT by a consortium led by Starlight Investments Ltd. in June 2012 and the $4.6 billion take-over bid for Primaris REIT. In the former, we acted on behalf of the buyer, Starlight, and in the latter, we acted for the target, Primaris. This experience has given us valuable insight into this complex market and the ability to provide the in-depth, tactical advice clients need, no matter what side of the transaction we re on. Innovation: The Emergence of the CPC REIT Alternative Our team is a recognized leader in forming REITs using the TSX Venture Exchange s (TSXV) unique Capital Pool Company (CPC) Program. We blazed this trail in Canada with our work on True North Apartment REIT and the True North Commercial REIT. These REITs were formed in 2012 and, after a modest start, have raised over $250 million to date in public equity financing. Both continue to grow and are now listed on the Toronto Stock Exchange. The use of the TSXV s CPC Program is uniquely suited for certain real estate portfolios. This platform allows the creation of a publicly-listed REIT without the requirement of completing an IPO. Under the right circumstances and market conditions, this represents a compelling alternative to a traditional IPO. It is critical that portfolio owners engage advisors who understand the challenges and advantages associated with this program to assist in determining whether it is the optimal course of action. Cassels Brock continues to be at the forefront of this growing subsector of the Canadian REIT world, offering innovative advice as we work on CPC REITs in a number of diverse sectors. 2 Cassels Brock & Blackwell LLP Investment Trust Practice June 2015
5 Investment Trusts Partnering for Success Cassels Brock sets itself apart by providing a team of lawyers focused on REITs who are capable of delivering comprehensive structuring advice to meet the needs of the organization. Our group draws seamlessly on other highly regarded lawyers in real estate, securities and tax to provide clients with strategic advice and creative business solutions essential for the growth of any REIT. We advise our REIT clients on the full range of issues that affect REIT formation, operation, financing and growth, including: Public offerings of securities, follow-on financings and secondary sales Commercial construction and development Real estate acquisitions and financing Trustee matters and special committees Corporate governance matters compliance Environmental compliance Debt financing Mergers and acquisitions Privatizations Income tax, land transfer tax and HST A growing number of Canadian corporations are looking to spin real estate assets into REITs and navigating this complex process requires strategic counsel. With numerous successful REIT-related transactions already in our portfolio, Cassels Brock has the experience needed to be the right partner for your next deal. June 2015 Investment Trust Practice Cassels Brock & Blackwell LLP 3
6 & Development The Cassels Brock & Development Group is one of the leading practices in Ontario. We have demonstrated expertise in all areas of real estate, leasing, and development law, and our depth of experience enables us to serve a wide range of clients including municipalities, Crown corporations, educational and other public institutions, national retailers, financial institutions, real estate investment trusts, commercial and real estate owners, managers, developers and builders. Our Group s broad and varied practice touches on virtually all areas of commercial real estate activity, including: Commercial Acquisitions and Dispositions Our lawyers have provided real estate expertise in respect of many prominent commercial transactions, including the following representative examples: Acting for a university on a complex groundlease proposal to redevelop lands for residential, retail and hotel use Acting in conjunction with an acquisition of a parcel of land for construction of a film studio targeting large-scale film production Acting for a syndicate of lenders on a complex project financing of a major regional shopping centre Acting for a major Canadian retailer in the acquisition and development of its big box locations in shopping centres throughout the country Acting for a REIT in respect of its property acquisitions including office and industrial properties throughout the country Acting on behalf of professional sports teams in the acquisition and development of arenas Financing Members of our Group regularly provide advice with respect to financing including all aspects of development, construction and permanent financing, leasehold financing and syndicated loans. We have experience acting for lenders on numerous financings including: The lenders with respect to a $62 million IPO of a major Canadian-based resort owner The $180 million financing for the acquisition of a portfolio of office buildings The $190 million financing for the construction of a hotel The $79 million financing for the acquisition of a portfolio of industrial buildings The $50 million financing of a portfolio of multi-family residential buildings The lenders with respect to large financings to a REIT of leasehold interests in multiresidential complexes throughout the GTA Infrastructure Ontario (formerly Ontario Realty Corporation) with respect to its agreements for province-wide facilities management 4 Cassels Brock & Blackwell LLP Investment Trust Practice June 2015
7 & Development Commercial Leasing In connection with commercial leasing, we advise landlords and tenants of institutional, office, retail, shopping centre and industrial premises as well as healthcare facilities on a full range of leasing services including: Structuring and documentation for all types of leases as well as restoration obligations at lease conclusion Negotiating ground leases Structuring of joint ventures Advising on financial matters including tax allocation and cost recovery Advising on insurance matters Advising on risk management Examples of our transactions in this area include: Negotiating a ground lease with the City of Toronto for and on behalf of a developer involved in a build-to-suit project on waterfront lands Negotiating on behalf of a developer a longterm lease from York University for the construction and development of its arena facility known as the Ice Gardens Acting for St. Michael s Hospital in its real property and leasing matters Representing various health care clients including Whitby Mental Health Centre, Trillium Gift of Life Network, Northeast Mental Health Services and Rekai Health Centre on a variety of real estate-related matters such as divestitures, acquisitions and lease work June 2015 Investment Trust Practice Cassels Brock & Blackwell LLP 5
8 & Development Land development & municipal planning Our Land Development Group combines the knowledge and experience of our, Planning, Municipal and Construction lawyers to provide advice on all types of development projects from initial acquisition and site selection, through all aspects of the planning approval process, to construction and/or disposition. Our lawyers are skilled and experienced in working for both public institutions and private enterprises in all aspects of the development process. We have represented clients at all levels of the court system, as well as a range of administrative tribunals with particular emphasis on the Ontario Municipal Board (OMB). We are recognized as a leading law firm in this area by the Canadian Legal Lexpert Directory. Our experience representing developers and property owners extends to: Acquisition and disposition of land Tenders and contracts Development charges, front-ending agreements and development charge credit agreements Landowner group structuring and cost sharing Official plan, rezoning and committee of adjustment applications Plans of subdivision and condominium, secondary plan and block plan development and approvals Design and construction, including construction lien claims Representation before the OMB and the courts Some examples of our experience include: Acting for a group of land developers on an employment land conversion project in the Greater Golden Horseshoe Representing a major developer on a largescale community development in southern Ontario Acting on behalf of a consortium of developers in the development and construction of Canada s largest film studio complex, in co-operation with the City of Toronto and Toronto Economic Development Corporation Acting for developers in obtaining approvals for high rise condominium towers, residential plans of subdivision and common elements condominiums across Ontario Representing Infrastructure Ontario in the development of the West Don Lands in the Toronto waterfront, including preparations for the Pan/Parapan American Games Obtaining advanced approvals for the construction of a condominium apartment tower on top of a downtown Toronto hotel Providing construction advice respecting the Markham Stouffville Hospital, the Ricoh Coliseum at Exhibition Place in Toronto and Touchstone on Lake Muskoka 6 Cassels Brock & Blackwell LLP Investment Trust Practice June 2015
9 Tax The tax lawyers at Cassels Brock have significant experience advising in connection with both outbound and inbound real estate investment, REITs and real estate partnerships. In addition to advising on the establishment of REITs, our advice extends to REIT acquisitions and mergers, advising in respect to the SIFT rules, and structuring and obtaining advance income tax rulings pertaining to the creation of private REITs. On page 8 you will find a detailed list highlighting our representative REIT transactions; furthermore, recent mandates include acting for a consortium of Canadian pension plans investing in European real estate and acting for a US fund partnering with a large Canadian pension plan in Mexican real estate; in addition, a senior member of our tax group has advised CAP REIT, H&R REIT, Royal Host REIT, Summit REIT, RES REIT, avista REIT and CREIT. The lawyers in our Tax Group bring knowledge, insight and innovation to both the technical and practical aspects of taxation to provide effective advice on domestic and international tax planning, structuring and compliance. Our experience includes acting as special counsel on discrete complex matters as well as serving as part of a larger team on business transactions, and advising on tax policy and tax legislation. Our tax lawyers assist a diverse range of local, national and international clients, including large public entities, private corporations, financial institutions, private equity funds, professional service firms, governments and their agencies, foreign investors in Canada and Canadian companies expanding abroad. Our clients may seek advice on tax matters alone, or integrated with commercial advice. We offer a broad range of tax advice with respect to securities matters, including the structure of security offerings and preparation of tax opinions for prospectuses and offering memoranda. Our lawyers are experienced in land transfer tax and sales and commodity tax, including the federal HST, and they also work closely with members of our Business, Financial Services, Natural Resources and Insolvency law groups to assist clients in planning for and structuring mergers, acquisitions, divestitures, reorganizations, and inbound and outbound investment. Members of our group are recognized as leading practitioners by the International Who s Who of Corporate Tax Lawyers and Chambers Global. A senior member of our tax group has also been sought out by the Department of National Revenue and the Department of Finance for contributions to the development of tax policy and tax legislation. June 2015 Investment Trust Practice Cassels Brock & Blackwell LLP 7
10 Additional Representative Transactions Client Primaris REIT/ Primaris Retail REIT True North Commercial REIT True North Apartment REIT Starlight Investments Ltd. Lone Star Fund National Bank Financial Inc. Underwriters led by Canaccord Genuity Corp Canadian Tire Corporation, Limited Lenders Title Primaris REIT Completes $4.6 Billion Arrangement Transaction with H&R REIT and a KingSett Led Capital Consortium Primaris Retail REIT Completes $115 Million Public Offering True North Commercial REIT Completes $144.7 Million Formation, Public Financings and Multi-Provincial Property Portfolio Acquisitions Totalling 610,884 Square Feet of Office Space True North Apartment REIT Completes $63 Million Subscription Receipt Offering True North Apartment REIT Completes $57.5 Million Subscription Receipt Offering True North Apartment REIT Completes $51 Million Public Offering True North Apartment REIT Completes $616 Million Formation, Public Financing and Acquisition of Multi-Province Property Portfolio of 5,828 Suites True North Apartment REIT Acquires Residential Property Portfolio in Montreal, Québec for $121 Million Starlight Investments Ltd. Completes $2.3 Billion Privatization of TransGlobe Apartment REIT and Sale of 14 Multi-unit Residential Properties in Ontario, Québec and Nova Scotia to Canadian Apartment Properties REIT; 26 Multi-unit Residential Properties in Ontario, Québec and Alberta to Timbercreek Asset Management Inc.; 63 Properties in Four Canadian provinces to Starlight Investments Ltd. and its Affiliates; and the 72 Remaining REIT Properties to a Joint Venture Comprised of Starlight Investments Ltd. and the Public Sector Pension Investment Board Dream Global REIT (formerly Dundee International REIT) Completes $46 Million Bought Deal Public Offering Dream Global REIT (formerly Dundee International REIT) Completes $36 Million Secondary Bought Deal Offering Lone Star Fund (U.S.) L.P., Sells its Commercial Portfolio to Dream Global REIT (formerly Dundee International REIT) as Part of Dream Global s Successful $472 Million Initial Public Offering, as well as Subsequent Bought Deal Public Offerings Resulting in the Sale to the Public of Lone Star s $92 Million Equity Holding (value: 736 Million) BTB REIT Completes $23 Million Public Offering and Exercise of Over Allotment Option BTB REIT Completes $21.1 Million Bought Deal Offering and Over-Allotment Option BTB REIT Completes $17.5 Million Issue of Units BTB REIT Completes $20 Million Public Offering of Convertible Debentures BTB REIT Completes $12 Million Public Offering of Units PRO Investment Trust Completes $11 Million Public Offering CT Investment Trust Completes $303 Million Initial Public Offering (Including Over Allotment Option) Various Financings for Skyline REIT totalling in Excess of $100 Million 8 Cassels Brock & Blackwell LLP Investment Trust Practice June 2015
11 Our REIT Team Partner Associate IMRAN AHMAD Competition Joan Beck LINDSAY CLEMENTS FRANK DELUCA JONATHAN FREEMAN AFZAL HASAN CHRIS HERSH Competition GREG HOGAN NATASHA JIMENO JAY KING TOM KOUTOULAKIS ADRIA LEUNG Lim PHILIP LONG Pollyanna Lord ROBERT LYSY PAUL MUCHNIK ANDREW REBACK Tax DAVID REDMOND KEN SNIDER Tax Anne-Marie Widner LAWRENCE WILDER June 2015 Investment Trust Practice Cassels Brock & Blackwell LLP 9
12 Cassels Brock & Blackwell LLP Suite 2100, Scotia Plaza Suite 2200, HSBC Building 40 King Street West 885 West Georgia Street Toronto, ON Canada M5H 3C2 Vancouver, BC Canada V6C 3E8 Tel: Tel: Fax: Fax: Cassels Brock & Blackwell LLP. All rights reserved. This document and the information in it is for illustration only and does not constitute legal advice. The information is subject to changes in the law and the interpretation thereof. This document is not a substitute for legal or other professional advice. Users should consult legal counsel for advice regarding the matters discussed herein.
INVESTMENT TRUSTS UNLOCKING LIQUIDITY IN REAL ESTATE PORTFOLIOS
REIT PRACTICE GROUP CASSELS BROCK has acted on some of the largest REIT transactions in Canada. From IPOs to take-overs to privatizations, we have a dedicated team of legal professionals with the experience
More informationGoing Public in Canada
Going Public in Canada Cassels Brock in Brief Canadian law firm of more than 200 lawyers based in Toronto and Vancouver focused on serving the transaction, advocacy and advisory needs of the country s
More informationChanges to the Personal Property Security Act (Ontario): What Does This Mean for You?
Changes to the Personal Property Security Act (Ontario): What Does This Mean for You? Jason Arbuck Josh Calderon Jonathan Fleisher November 19, 2015 Agenda Current rules under the PPSA What is a mobile
More informationAdvantages of the Canadian Public Capital Markets in the Cannabis Space The Canadian Cannabis Ecosystem. May 2018
Advantages of the Canadian Public Capital Markets in the Cannabis Space The Canadian Cannabis Ecosystem May 2018 Why Canada? Legal and regulatory uniformity nationally for cannabis Cannabis legislation
More informationDoing Business in Canada: Key Canadian Tax Considerations
Doing Business in Canada: Key Canadian Tax Considerations Foreign enterprises have long been attracted to investment opportunities in Canada. Canada has led the G7 in growth in total inbound investment
More informationREIT Report. Week November 5, 2010
Name Market Cap Last Week Variation Low High Last distribution Allied Property REIT (AP.UN) 866.53M 22.13 22.46-1.47 19.96 23.46 0.50 Artis REIT (AX.UN) 934.32M 13.18 13.15 + 0.22 9.60 14.00 0.68 Boardwalk
More informationCFA Franchise Law Day 2016: Recent Franchise Case Law Developments
CFA Franchise Law Day 2016: Recent Franchise Case Law Developments Chris Horkins, Cassels Brock and Blackwell LLP Jean-Marc Leclerc, Sotos LLP January 28, 2016 Trillium Motors World Ltd. v. General Motors
More informationTable of Contents. Management s Discussion and Analysis 1. Condensed Consolidated Financial Statements 39
Q3 2018 Table of Contents Management s Discussion and Analysis 1 Condensed Consolidated Financial Statements 39 Notes to the Condensed Consolidated Financial Statements 43 Corporate Information IBC Management
More informationQ Dream Industrial REIT
Q2 2017 Dream Industrial REIT Table of contents Management s discussion and analysis 1 Condensed consolidated financial statements 38 Notes to the condensed consolidated financial statements 42 Corporate
More informationPurpose and Interpretation 1.1 What is the purpose of escrow? 1.2 Interpretation 1.3 Will a Canadian exchange impose additional escrow terms?
NATIONAL POLICY 46-201 ESCROW FOR INITIAL PUBLIC OFFERINGS TABLE OF CONTENTS PART Part I Part II Part III Part IV Part V Part VI TITLE Purpose and Interpretation 1.1 What is the purpose of escrow? 1.2
More informationTable of Contents. Letter to Shareholders. Management s Discussion and Analysis 1. Condensed Consolidated Financial Statements 39
Q3 2018 Table of Contents Letter to Shareholders i Management s Discussion and Analysis 1 Condensed Consolidated Financial Statements 39 Notes to the Condensed Consolidated Financial Statements 44 Letter
More informationCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Management s Discussion and Analysis of Financial Results For the three and six months ended June 30, 2018 and 2017 ADVISORIES The following Management s Discussion and Analysis of Financial Results (
More informationNational Policy Escrow for Initial Public Offerings
National Policy 46-201 Escrow for Initial Public Offerings PART 1 PURPOSE AND INTERPRETATION 1.1 What is the purpose of escrow? 1.2 Interpretation 1.3 Will a Canadian exchange impose additional escrow
More informationCorporate governance, shareholder activism, and hostile M&A - key developments in 2017 and a look ahead in 2018
Corporate governance, shareholder activism, and hostile M&A - key developments in 2017 and a look in 2018 Orestes Pasparakis, Co-Chair, Special Situations Team Walied Soliman, Co-Chair, Special Situations
More information5OCT $125,000,004 (maximum) (maximum 10,416,667 Combined Units) $12.00 per Combined Unit
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Management s Discussion and Analysis of Financial Results For the years ended December 31, 2018 and 2017 ADVISORIES The following Management s Discussion and Analysis of Financial Results ( MD&A ), dated
More information$150,000,000 (Maximum) 6,000,000 Preferred Shares and 6,000,000 Class A Shares
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The securities offered by this prospectus have not been and will not be registered
More informationContents. Letter to unitholders. 28 Management s responsibility for financial statements. 1 Management s discussion and analysis
annual report 2012 Contents I Letter to unitholders 1 Management s discussion and analysis 1 Section I OBJECTIVES AND FINANCIAL HIGHLIGHTS 1 Basis of presentation 1 Background 2 Our objectives 2 Our strategy
More informationPROSPECTUS. Initial Public Offering October 27, Dividend Select. $250,000,000 (Maximum) 25,000,000 Shares
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationNo securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. PROSPECTUS New Issue February 18, 2011 S P L I T 14OCT201010054289 C O R P. I
More informationMUTUAL FUNDS AND GOVERNANCE: Taking Care of Your Investments >>>
MUTUAL FUNDS AND GOVERNANCE: Taking Care of Your Investments RBC Funds and RBC Private Pools are offered by RBC Asset Management Inc. and distributed through authorized dealers. Please read the prospectus
More informationD.UN-TSX. Core Assets
DREAM OFFICE REIT REPORTS SECOND QUARTER RESULTS, EXECUTES ON THE STRATEGIC PLAN AND UPDATES VALUES TO REFLECT CONTINUING WEAKNESS IN THE ALBERTA OFFICE MARKET TORONTO, August 10, 2016, DREAM OFFICE REIT
More informationMaximum $100,000,000 (10,000,000 Units)
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. PROSPECTUS Initial Public Offering June 26, 2014 Maximum $100,000,000 (10,000,000
More informationSprott Physical Gold Trust. 40,000,000 Units
Sprott Physical Gold Trust 40,000,000 Units 6DEC200920103655 Sprott Physical Gold Trust, to which we will refer as the Trust, is selling 40,000,000 transferable, redeemable units in its initial public
More information$200,000,000 (maximum) (maximum 20,000,000 Equity Shares) $10.00 per Equity Share
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Management s Discussion and Analysis of Financial Results For the years ended December 31, 2017 and 2016 ADVISORIES The following Management s Discussion and Analysis of Financial Results ( MD&A ), dated
More informationDREAM ALTERNATIVES REPORTS SOLID Q4 RESULTS AND INCREASED INVESTMENT IN MAJOR TORONTO DEVELOPMENT PROJECTS
DRA.UN-TSX DREAM ALTERNATIVES REPORTS SOLID Q4 RESULTS AND INCREASED INVESTMENT IN MAJOR TORONTO DEVELOPMENT PROJECTS This press release contains forward-looking information that is based upon assumptions
More informationA N N U A L R E P O R T
ANNUAL REPORT 2016 Corporate Profile Northview Apartment Real Estate Investment Trust ( Northview ) is one of Canada s largest publicly traded multi-family REITs with a portfolio of approximately 24,000
More informationPROSPECTUS. Initial Public Offering February 24, June 2021 Investment Grade Bond Pool Unit Traded Fund (UTF)
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationDREAM OFFICE REAL ESTATE INVESTMENT TRUST. Annual Information Form
DREAM OFFICE REAL ESTATE INVESTMENT TRUST Annual Information Form March 28, 2016 TABLE OF CONTENTS Page GLOSSARY OF TERMS... 1 GENERAL... 7 FORWARD-LOOKING INFORMATION... 7 NON-GAAP MEASURES... 8 OUR STRUCTURE...
More informationCANOE EIT INCOME FUND
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus supplement, together with the short form base shelf prospectus
More informationDREAM UNLIMITED CORP. REPORTS THIRD QUARTER RESULTS
DREAM UNLIMITED CORP. REPORTS THIRD QUARTER RESULTS This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the
More informationAccessing the Canadian Capital Markets
The University of Texas School of Law 2013 Conference on Securities Regulation and Business Law February 7-8, 2013 Austin, TX Accessing the Canadian Capital Markets William Van Horne Blake, Cassels & Graydon
More information$50,000,003 (maximum) (maximum 4,355,401 Offered Units) $11.48 per Offered Unit
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationNew Issue PROSPECTUS September 15, $23,354,283 1,238,954 Class B Preferred Shares, Series 1. Price: $18.85 per Class B Preferred Share, Series 1
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. New Issue PROSPECTUS September 15, 2010 $23,354,283 1,238,954 Class B Preferred
More informationH&R REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM
H&R REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM For the Year Ended December 31, 2013 February 28, 2014 TABLE OF CONTENTS Page No. GLOSSARY... 1 FORWARD-LOOKING STATEMENTS... 7 THE REIT... 8 OBJECTIVES
More informationPRELIMINARY PROSPECTUS. Initial Public Offering November 1, Canadian Investment Grade Preferred Share Fund (P2L) Unit Traded Fund (UTF)
A copy of this preliminary prospectus has been filed with the securities regulatory authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of the sale
More informationPROSPECTUS Initial Public Offering December 11, 2001
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationCHOICE PROPERTIES AND CANADIAN REAL ESTATE INVESTMENT TRUST COMBINE TO FORM CANADA S LARGEST REIT IN A $6.0 BILLION TRANSACTION
CHOICE PROPERTIES AND CANADIAN REAL ESTATE INVESTMENT TRUST COMBINE TO FORM CANADA S LARGEST REIT IN A $6.0 BILLION TRANSACTION Transformational combination creates the preeminent diversified REIT in Canada
More informationSECURITIES LAW NEWSLETTER
SECURITIES LAW NEWSLETTER Q4 2015 FOR MORE INFORMATION OR INQUIRIES Michael Dolphin 416.947.5005» full bio Zachary Goldenberg 416.619.6291» full bio A Newsletter Providing Concise Updates on Securities
More informationOCTOBER Current calculation: Management fee is 2% = $200 GST is 5% = $10 total is $210
OCTOBER 2009 ONTARIO HARMONIZATION AND THE ISSUES FACED BY MUTUAL FUNDS AND FUND MANAGERS TAX LAW BULLETIN The Government of Ontario has announced that, on July 1, 2010, it will replace the current Retail
More informationEXHIBIT 1 ACCREDITED INVESTOR CERTIFICATE ACCREDITED INVESTORS. HARBOUREDGE MORTGAGE INVESTMENT CORPORATION (the Company )
EXHIBIT 1 ACCREDITED INVESTOR CERTIFICATE ACCREDITED INVESTORS TO: RE: HARBOUREDGE MORTGAGE INVESTMENT CORPORATION (the Company ) PURCHASE OF CLASS A PREFERRED SHARES OF THE ISSUER (the Securities ) The
More informationURANIUM PARTICIPATION CORPORATION
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. Information has been incorporated by reference in this short form base shelf
More informationCritical Securities and Tax Considerations for Inside Counsel in Canadian Cross-Border Mergers
Critical Securities and Tax Considerations for Inside Counsel in Canadian Cross-Border Mergers Inside Counsel - Business Insights for Law Department Leaders Jeffrey Roy Partner, Cassels Brock & Blackwell
More informationdecision to go public is one of the most
Winter 2019 TOPICS: Going Public: Why Canada is Becoming a Choice Listing Page 1 Corporate Law Update Page 6 Firm News Page 7 Professional Notes Page 7 GOING PUBLIC: Why Canada is Becoming a Choice Listing
More informationFIRM CAPITAL PROPERTY TRUST CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS
FIRM CAPITAL PROPERTY TRUST CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS THIRD QUARTER SEPTEMBER 30, The following management's discussion and analysis ( MD&A ) of
More informationDebt & Equity Investing in U.S. Real Estate
Debt & Equity Investing in U.S. Real Estate Investor Presentation Q4 2017 Table of Contents Investment Highlights Business Overview Investment Strategy Market Opportunity Investment Profile Experienced
More information18 th ANNUAL CONFERENCE MONDAY, APRIL 22, 2019
18 th ANNUAL CONFERENCE MONDAY, APRIL 22, 2019 10:00AM-4:00PM - Registration opens at 9:30 Borden Ladner Gervais East Tower, 22 Adelaide St. W., 34 th Floor, Toronto, ON Boardrooms 34-303E and 34-302E
More informationInvestors Real Property Fund
Interim Management Report of Fund Performance FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 3, 17 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund,
More informationCONSOLIDATED FINANCIAL STATEMENTS
FIRM CAPITAL PROPERTY TRUST CAPITAL PRESERVATION DISCIPLINED INVESTING CONSOLIDATED FINANCIAL STATEMENTS THIRD QUARTER SEPTEMBER 30, Condensed Consolidated Interim Financial Statements of FIRM CAPITAL
More informationGlobal Advantaged Telecom & Utilities Income Fund
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. PROSPECTUS Initial Public Offering February 25, 2011 Global Advantaged Telecom
More informationAnnex A3 National Instrument Prospectus and Registration Exemptions
Annex A3 National Instrument 45-106 Prospectus and Registration Exemptions Text boxes in this Instrument located above sections 2.1 to 2.5, 2.7 to 2.21, 2.24, 2.26, 2.27, and 2.30 to 2.43 refer to National
More informationEthical Issues in Arbitration
Ethical Issues in Arbitration Ted Frankel August 16, 2016 Cassels Academy of Continuing Professional Development CPD (ON): 30 minutes of Professionalism. Cassels Brock has been approved as an Accredited
More informationOur innovative team-based approach
Our innovative team-based approach Enriched Thinking The Spiess McGlade Team ScotiaMcLeod, a division of Scotia Capital Inc. Where expertise matters Tom Inglis, BA (Econ.), CFP Senior Financial Planning
More informationMANAGEMENT REPORT OF FUND PERFORMANCE
MANAGEMENT REPORT OF FUND PERFORMANCE This annual management report of fund performance contains financial highlights but does not contain the complete annual audited financial statements of the Global
More informationDREAM UNLIMITED CORP. REPORTS YEAR-END RESULTS & SOLID TRACK RECORD OF BOOK EQUITY PER SHARE GROWTH
DREAM UNLIMITED CORP. REPORTS YEAR-END RESULTS & SOLID TRACK RECORD OF BOOK EQUITY PER SHARE GROWTH This press release contains forward-looking information that is based upon assumptions and is subject
More informationA Guide to. Capital Pool Companies and Qualifying Transactions Resulting in Reverse Take-Overs
A Guide to Capital Pool Companies and Qualifying Transactions Resulting in Reverse Take-Overs March 2017 CONTENTS Introduction...2 Formation of the CPC and Issuing Seed Shares to the CPC founders...2
More informationInvestor Presentation November 2018
Investor Presentation November 2018 FORWARD LOOKING STATEMENTS Certain statements contained in this document constitute forward-looking information within the meaning of securities laws. Forward-looking
More informationNo securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. PROSPECTUS Initial Public Offering October 2, 2009 1SEP200919430913 1SEP200919404713
More informationPRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST
Consolidated Financial Statements of PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST KPMG LLP Telephone (416) 777-8500 Chartered Accountants Fax (416) 777-8818 Bay Adelaide Centre Internet www.kpmg.ca 333
More informationReview of Debt New Issues and Trading Second Quarter 2004
Review of Debt New Issues and Trading Second 24 Debt Market Under Pressure in Q2 24 This s Highlights Government of Canada gross bond issuance totaled $13. billion in 29 issues, down 21% in value from
More informationDebt & Equity Investing in U.S. Real Estate
Debt & Equity Investing in U.S. Real Estate Investor Presentation October 4, 2017 Agenda Investment Highlights Business Overview Investment Strategy Market Opportunity Real Estate Investment Profile Experienced
More informationNATIONAL INSTRUMENT PROSPECTUS AND REGISTRATION EXEMPTIONS
Note: [22 Sep 2014] - The following is a consolidation of NI 45-106. It incorporates the amendments to this document that came into effect on January 1, 2011, June 30, 201, May 31, 2013 and September 22,
More informationANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 15, January 20, 2015
ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 15, 2014 January 20, 2015 FORWARD-LOOKING STATEMENTS Certain statements contained in this annual information form constitute forward-looking statements.
More informationNew Issue/Re-Opening January 27, 2006
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been and will not be registered under the United States
More informationDREAM UNLIMITED CORP. REPORTS THIRD QUARTER RESULTS & INCREASING INVESTMENT IN TORONTO DEVELOPMENT BUSINESS
DREAM UNLIMITED CORP. REPORTS THIRD QUARTER RESULTS & INCREASING INVESTMENT IN TORONTO DEVELOPMENT BUSINESS This press release contains forward-looking information that is based upon assumptions and is
More informationCAP REIT Annual Report Our Business is Strong and Getting Stronger
CAP REIT Annual Report 2007 Our Business is Strong and Getting Stronger CAP REIT s portfolio consists of well-maintained, modern and attractive apartments, townhouses and land lease communities well-located
More informationMINISTRY OF TOURISM, CULTURE AND SPORT
THE ESTIMATES, 1 The Ministry of Tourism, Culture and Sport provides leadership for these fast-growing sectors of the provincial economy which are fundamental to the prosperity and quality of life of Ontario
More informationREAL ESTATE EQUITY AND DEBT FINANCING
PRESENTS REAL ESTATE EQUITY AND DEBT FINANCING PROGRAM CO-CHAIRS Canaccord Adams (Toronto) Goodmans LLP (Toronto) Meeting Your Evolving Information Needs May 24, 2006 Casino Nova Scotia Halifax Join your
More information3 YORK REGION 2031 POPULATION AND EMPLOYMENT FORECASTS
3 YORK REGION 2031 POPULATION AND EMPLOYMENT FORECASTS The Planning and Economic Development Committee recommends: 1. Receipt of the presentation by Paul Bottomley, Manager, Growth Management Economy and
More informationScott s Real Estate Investment Trust. Consolidated Financial Statements December 31, 2011, December 31, 2010 and January 1, 2010
Scott s Real Estate Investment Trust Consolidated Financial Statements 2011, and January 1, March 7, 2012 Independent Auditor s Report To the Unitholders of Scott s Real Estate Investment Trust We have
More informationInvesting in Canadian Real Estate
June 16, 2016 National Webinar May 2016 FEATURES OF THE PLATFORM Slides Maximizes/minimizes your slide preview Media Player control over sound / play & pause Speaker Contact Information view detailed speaker
More informationING FLOATING RATE SENIOR LOAN FUND
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationDebt & Equity Investing in U.S. Real Estate
Debt & Equity Investing in U.S. Real Estate Investor Presentation Q3 2017 Agenda Investment Highlights Business Overview Investment Strategy Market Opportunity Investment Profile Experienced Team Financial
More informationDUNDEE INDUSTRIAL REAL ESTATE INVESTMENT TRUST. Annual Information Form
DUNDEE INDUSTRIAL REAL ESTATE INVESTMENT TRUST Annual Information Form March 31, 2014 TABLE OF CONTENTS Page GLOSSARY OF TERMS... 1 GENERAL... 7 FORWARD-LOOKING INFORMATION... 7 OUR STRUCTURE... 9 GENERAL
More informationTable of Contents. Management s Discussion and Analysis 1. Condensed Consolidated Financial Statements 35
Q1 2018 Table of Contents Management s Discussion and Analysis 1 Condensed Consolidated Financial Statements 35 Notes to the Condensed Consolidated Financial Statements 39 Corporate Information IBC Management
More informationDundee REIT Annual Report
Dundee REIT 2013 Annual Report Better Communities to Work In We d like to take the opportunity to thank all our stakeholders for being part of our continued success. Because of all the hard work and dedication
More informationNational Instrument Prospectus and Registration Exemptions. Table of Contents
National Instrument 45-106 Prospectus and Registration Exemptions Table of Contents PART 1: DEFINITIONS AND INTERPRETATION 1.1 Definitions 1.2 Affiliate 1.3 Control 1.4 Registration requirement 1.5 Underwriter
More informationInvestors Real Property Fund
Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 17 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including
More informationdundee reit Largest + Owns high-quality, stable and diversified properties office reit in canada 2012 annual report
dundee reit 2012 annual report + Owns high-quality, stable and diversified properties Hard-to-replace assets with organic growth Strong management team with solid understanding of the marketplace Largest
More informationUnaudited Condensed Consolidated Financial Statements and Notes
Unaudited Condensed Consolidated Financial Statements and Notes For the three and six months ended June 30, 2016 and 2015 Unaudited Condensed Consolidated Statements of Financial Position (thousands of
More informationPrivate fixed income All values as at March 31, 2017
Private fixed income All values as at March 31, 2017 Total private fixed income assets: $1,608 million Proportion of total invested assets of the Sun Life Participating Account: 17.4% Private fixed income
More information2007 Property Assessment and Tax Analysis of 2006 Data. Prepared for Real Property Association of Canada. November 23, 2007
2007 Property Assessment and Tax Analysis of 2006 Data Prepared for Real Property Association of Canada November 23, 2007 Prepared by: ALTUS DERBYSHIRE A division of Altus Group Limited 191 The West Mall,
More informationAbout the speakers. Marie-Eve Gosselin, Thorsteinssons LLP, Toronto. Paul Lynch, CPA, CA, KPMG Law LLP, Toronto
Marie-Eve Gosselin, Thorsteinssons LLP, Toronto Marie-Eve Gosselin is a partner with Thorsteinssons LLP and practices in the firm s Toronto office. Her practice encompasses all aspects of personal and
More informationCONSOLIDATED UP TO 5 OCTOBER This consolidation is provided for your convenience and should not be relied on as authoritative
CONSOLIDATED UP TO 5 OCTOBER 2016 This consolidation is provided for your convenience and should not be relied on as authoritative National Instrument 45-106 Prospectus Exemptions Text boxes in this Instrument
More informationMaking a Complaint A Guide for Investors
Making a Complaint A Guide for Investors Investment Industry Regulatory Organization of Canada Protecting Investors and Supporting Healthy Capital Markets Across Canada The Investment Industry Regulatory
More information$200,000,000 (maximum) (maximum 20,000,000 Units) $10.00 per Unit
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationAmended Form F6 British Columbia Report of Exempt Distribution
Amended Form 45-106F6 British Columbia Report of Exempt Distribution This is the form required under section 6.1 of National Instrument 45-106 for a report of exempt distribution in British Columbia. Issuer/underwriter
More informationReview of Debt New Issues and Trading
Review of Debt New Issues and Trading 2002 in Review INVESTMENT DEALERS ASSOCIATION OF CANADA www.ida.ca Mixed Results in 2002 April 2003 The year was marked with poor equity markets and increasing global
More informationCANADIAN BANC CORP. $68,065,250 2,915,000 Preferred Shares and 2,915,000 Class A Shares
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This short form prospectus constitutes a public offering of these securities
More informationMEMBER REGULATION. notice
MEMBER REGULATION notice W. D Silva: wdsilva@ida.ca MR0254 November 26, 2003 ATTENTION: Ultimate Designated Persons Chief Financial Officers Panel Auditors Distribute internally to: Corporate Finance Credit
More informationBridging the Gap with Your Lender Laying the Foundation for a Smooth Financing of a Wind Project
Bridging the Gap with Your Lender Laying the Foundation for a Smooth Financing of a Wind Project 7 TH CANADIAN GERMAN WIND ENERGY CONFERENCE FEBRUARY 8, 2011 Eric Bremermann Erik Richer La Flèche Melissa
More informationNo securities authority has expressed an opinion about any information contained herein and it is an offence to claim otherwise.
A copy of this preliminary prospectus, which does not relate to a public offering, has been filed with the securities regulatory authority in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba
More informationTop 20 U.S. Dividend Trust. Class A Units and Class U Units Maximum $150,000,000 (15,000,000 Class A Units and/or Class U Units)
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been and will not be registered under the United States
More informationPROSPECTUS. Initial Public Offering December 6, 2016 SPROTT ENERGY OPPORTUNITIES TRUST. Maximum $100,000,000 (10,000,000 Units)
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those
More informationbulletin Margin and Capital Requirements for Capital Share and Convertible and Exercisable Security Offsets Regulations 100.4G, 100.4H and 100.
bulletin Contact: For distribution to relevant parties within your firm Answerd Ramcharan Senior Information Analyst BULLETIN #3226 (416) 943-5850 December 11, 2003 By-Laws and Regulations Margin and Capital
More informationCorporate, Finance & Acquisitions We make our clients' business goals - our legal objective
We make our clients' business goals - our legal objective Having successfully negotiated, documented and closed billions of dollars of commercial transactions and investments into the U.S. and abroad,
More informationTotal account All values as at September 30, 2017
Total account All values as at September 30, 2017 Total participating account invested assets: $9.5 billion Investment objectives The primary objective of the Sun Life Participating Account is to provide
More informationINVESTOR PRESENTATION. November 2018
INVESTOR PRESENTATION November 2018 FORWARD-LOOKING STATEMENTS This presentation contains certain statements that may be forward-looking statements. All statements in this document, other than statements
More informationBLUE SAND SECURITIES LLC. Notice to Clients
BLUE SAND SECURITIES LLC Notice to Clients Blue Sand Securities LLC (the Company ) trades securities with persons and companies located in Canada in reliance upon the international dealer exemption that
More information