On August 25, 2011, Dream Office REIT (then known as Dundee REIT) closed its acquisition of a Canadian office portfolio consisting of 29 properties in Calgary, Edmonton, Toronto and Ottawa for a purchase price of $832 million. As part of the deal, Dream redirected title to four of the properties to Allied Properties Real Estate Investment Trust and one property to KingSett Canadian Real Estate Income Fund LP for a combined sale price of $142 million. This transaction was the largest office portfolio ever acquired by a Canadian REIT.
In addition to the acquisition and redirection transactions, the transaction included the concurrent closing of a bridge credit facility secured on 9 properties and mortgage loans in respect of a further 15 properties.
Osler, Hoskin & Harcourt LLP represented Dream Office REIT with a team consisting of George Valentini, Rod Davidge, Stella Di Cresce, Ryan Nielsen (Real Estate) and Peter Glossop (Competition).