REITs

Structuring, financing and operating real estate investment trusts (REITs) require a detailed understanding of many complex issues. These include real estate, corporate governance, finance, tax, securities and partnership law, as well as compliance with numerous disclosure and reporting obligations.

Blakes REIT lawyers provide clients with diverse experience and a sophisticated understanding of a wide range of matters. Our comprehensive, strategic advice on REIT matters includes structuring, management, financing, securitization and tax issues, acquisitions, dispositions and joint ventures, take-over bids, equity offerings, public offerings, leaseback arrangements, reorganizations, and many other issues related to the ownership of commercial properties.

We take a multidisciplinary approach and draw on the expertise of our Tax, Corporate & Commercial, Financial Services, Capital Markets and Commercial Real Estate lawyers to provide efficient and cost-effective services. We also work closely with investment banking firms, accounting firms and other professionals to assist clients with their financing needs and tax obligations.

Our clients are publicly and privately owned REITs, equity and mortgage REITs, real estate funds, partnerships, joint ventures, and other real estate owners and participants. They also include issuers, underwriters, lenders, sponsors and other advisers.

If you want expert REIT legal advice, Blakes has the comprehensive expertise to meet your needs.

Recent Experience

West Side Square Development Fund on its initial public offering of US$50-million trust units (the maximum offering size).
Primaris REIT in its acquisition of the Halifax Shopping Centre and the Annex in Halifax, Nova Scotia for aggregate consideration of C$370-million, comprised of cash, Primaris REIT units and exchangeable preferred units of a subsidiary limited partnership of Primaris REIT.
Northview Fund in its C$742-million acquisition of three multi-family portfolios with properties in Alberta, Ontario, Nova Scotia and Quebec, as well as its conversion into a perpetual REIT.
Starlight U.S. Multi-Family (No. 1) Core Plus Fund on the US$600-million sale of a portfolio of seven class "A" institutional quality multi-family properties totaling 2,219 units located in the United States to Sherrin U.S. Multi-Family (No. 1) Holding LP.
WPT Industrial Real Estate Investment Trust on its US$3.1-billion acquisition by Blackstone Real Estate Income Trust, Inc.
BentallGreenOak, on behalf of an institutional client, on the sale of a 50 per cent undivided interest in 110 Yonge Street, Toronto (an approximately 160,500-sq.-ft. office tower located in Toronto’s Financial Core) to Sutter Hill Developments.
Americold Realty Trust on its acquisition (through its subsidiary Nova Cold Logistics ULC) of Liberty Infrastructures ULC, a multi-temperature warehousing company with operations in Ontario and Quebec.
H&R Real Estate Investment Trust on its offering of C$300-million aggregate principal amount of 2.633 per cent Series S senior unsecured debentures due February 19, 2027.
H&R Real Estate Investment Trust on its offering of C$250-million aggregate principal amount og 2.906 per cent Series R unsecured debentures due June 2, 2026.
Flagship Communities Real Estate Investment Trust on its US$93.75-million initial public offering of trust units on the Toronto Stock Exchange.
H&R Real Estate Investment Trust on its offering of C$400-million aggregate principal amount of 4.071 per cent series Q unsecured debentures due June 16, 2025.
Starlight Investments, KingSett Capital and other investors on their C$4.8-billion acquisition of Northview Apartment REIT.
Americold Realty Trust on its C$337-million acquisition of Nova Cold Logistics from Brookfield Business Partners L.P.
CREIT on its arrangement transaction pursuant to which it combined with Choice Properties REIT to create Canada’s largest diversified REIT with a C$16-billion enterprise value.
IG Mackenzie Real Property Fund (formerly Investors Real Property Fund) in the sale of a portfolio of office buildings in Nepean and Ottawa, Ontario.
A syndicate of underwriters led by TD Securities Inc. and RBC Capital Markets on a public offering by Choice Properties Real Estate Investment Trust for approximately C$395-million.
TD Securities Inc. and BMO Nesbitt Burns Inc. and the syndicate of underwriters in connection with an offering of units of Automotive Properties Real Estate Investment Trust.
Granite Real Estate Investment Trust and Granite REIT Inc. on their bought deal offering of stapled units for C$231-million.
Granite Real Estate Investment Trust and Granite REIT Inc. in connection with their public offering of stapled units for total gross proceeds of C$230.5-million.
R&R REIT in connection with its related-party acquisition of five U.S. hotels comprising 656 rooms for an aggregate purchase price of US$31.5-million.
The underwriters in connection with the initial public offering of REIT units of Minto Apartment REIT.
The underwriters in connection with the US$135-million initial public offering of REIT units of BSR REIT, a Southeastern U.S. apartment operator.
CREIT in connection with its security-holder-approved and court-approved arrangement transaction pursuant to which it combined with Choice Properties REIT to create Canada’s largest diversified REIT with a C$16-billion enterprise value.
The underwriters in connection with the C$40.3-million bought deal offering of REIT units by True North Commercial REIT.
The agents in connection with the C$1.3-billion private placement of two series of senior unsecured debentures by Choice Properties REIT.
H&R REIT in connection with its agency private placement of US$125-million series P floating rate debentures.
The Special Committee of InterRent REIT in connection with the internalization of the REIT’s property management functions at a price of C$38-million.
The underwriters in connection with the C$184-million bought deal offering of common shares by Sienna Senior Living Inc.
The underwriters in connection with the C$132-million bought deal offering of subscription receipts by Slate Office REIT.
H&R REIT in connection with its offering of US$250-million series O debentures.
The agents in connection with the C$650-million offerings of two series of senior unsecured debentures by Choice Properties REIT.
Mainstreet LLC in connection with its support, as a significant shareholder, of Mainstreet Health Investments Inc.’s acquisition of Care Investment Trust LLC for US$425-million and rebranding as Invesque Inc.
Canadian Real Estate Investment Trust on its C$3.9-billion combination with Choice Properties Real Estate Investment Trust