Cominar REIT Acquires Canmarc REIT

Last week, Cominar REIT announced it had completed a friendly takeover of Canmarc REIT.  The deal reflects confidence in the Canadian real estate market and suggests that 2012 will be another strong year for Canadian REITs, according to Business Law Currents. The deal size was more than $900 million.

Cominar is the largest commercial property owner in Quebec with a real estate portfolio of 269 properties as of February 10, 2012.

Canmarc (formerly known as Homburg Canada REIT) owns and manages a portfolio of 117 commercial and residential properties.

On the takeover, Cominar was advised by Davies Ward Phillips & Vineberg LLP, and Canmarc was advised by Osler, Hoskin & Harcourt LLP with Fasken Martineau DuMoulin LLP advising Canmarc’s special committee.

On February 10, Cominar announced a bought deal financing of $175 million expected to close at the end of the month. This follows two other recent financings, which closed in October and December of last year.

The Davies team that advised Cominar on the $112 million financing (closing date: October 20, 2011) comprised Sylvain Cossette, Sébastien Roy and Elise Beauregard (corporate finance and securities) and Fred Purkey (tax).

A team from Lavery, de Billy, L.L.P. advised the underwriters with a team that comprised Marc Rochefort, Michel Servant and Guillaume Lavoie (corporate finance and securities) and Philip Nolan (tax).

The Davies team that advised Cominar on the $143 million financing (closing date: December 22, 2011)  comprised Sylvain Cossette, Olivier Désilets, Brian Kujavsky and Trevor Rowles (corporate finance and securities) and Fred Purkey (tax).

The underwriters were represented by Lavery, de Billy, with a team that comprised Marc Rochefort, Michel Servant, Guillaume Lavoie and Geneviève Fournier (corporate finance and securities) and Philip Nolan (tax).

- Gena Smith

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