REITs

Overview

A market leader in corporate finance and securities, M&A and real estate, and the acknowledged Canadian legal powerhouse in tax, Osler has advised on some of the largest and most complex REIT transactions in Canadian history. We have acted for issuers and underwriters in over 100 public offerings by REITs, including IPOs and follow-on offerings involving units, subscription receipts, convertible debt, unsecured fixed and floating rate debt issues.

Lawyers in our multi-disciplinary group advise REIT clients in the following areas:

  • all aspects of real estate, including acquisitions, dispositions, financing and leasing of their various assets
  • equity, convertible debt and straight debt offerings (acting for issuers and underwriters), including IPOs
  • tax structuring strategies specific to REITs and other real estate investors, such as pension plans and private equity funds
  • borrowing arrangements on behalf of REITs and lenders (mortgage, mortgage bond, bank and capital markets)
  • legal and risk requirements for boards and special committees on a wide range of issues, including securities class action litigation, mergers, governance, activism and compensation
  • issues affecting different asset types: retail, office, industrial, hotel/resort, healthcare and multi-residential
  • regulatory compliance and crisis management capacity on considerations affecting REITs and other public issuers, such as addressing securities commission inquiries

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  • Killam Apartment REIT

    The Underwriters in Killam Apartment REIT’s $57.5 Million public offering

  • Blackstone Property Partners

    Blackstone Property Partners in its acquisition of Pure Industrial Real Estate Trust for $3.8 billion

  • CT REIT

    Syndicate of agents co-led by TD Securities and Scotiabank in connection with the $200 million issue of series F senior unsecured debentures by CT REIT

  • SmartCentres REIT

    SmartCentres REIT in connection with its $500 Million issue of investment grade Senior Unsecured debentures including $250 million 3 year Series R floating rate and $250 million 10 year Series S fixed rate debentures

  • Dream Office REIT and DREAM Hard Assets Alternatives Trust

    Dream Office REIT and DREAM Hard Assets Alternatives Trust in connection with its sale of a portfolio of properties to Kingsett Capital

  • SmartREIT

    SmartREIT and Strathallen Acquisitions Inc. to acquire all of the assets and liabilities of OneREIT for $1.1 billion

  • Dream Global REIT

    Dream Global REIT in its approximately $903 million transaction relating to a 135 property portfolio in the Netherlands

  • Greenhill & Co. Canada Ltd.

    Greenhill & Co. Canada Ltd. in connection with the sale of Brookfield Canada Office Properties to Brookfield Property Partners L.P. for $480 million

  • Boardwalk REIT Quebec Inc.

    Boardwalk REIT Quebec Inc., in connection with an additional financing with respect to portfolio of apartment buildings by The Toronto Dominion Bank

  • BMO Capital Markets Corp.

    BMO Capital Markets Corp. in connection with the sale of Milestone Apartments Real Estate Investment Trust to Starwood Capital Group for US$2.85 billion

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Our corporate finance and securities, M&A, real estate and tax areas of expertise are recognized in several leading publications:

  • Chambers Canada: Canada’s Leading Lawyers for Business, 2017-2018, recognized in the area of REITs.
  • Chambers Global: The World's Leading Business Lawyers and Chambers Canada (Band 1 for Corporate/M&A and Tax). Nationwide- Canada.
    • Firm:
      • "The firm has impressed with its client service, innovative structuring and thinking and a deep understanding of our specific needs as a client."
      • The firm did a great job keeping the file co-ordinated, in dealing strategically, and managing the process and the client. They kept their eye on the prize and worked very well in getting everything done."
      • "They are an excellent firm and very strong across all areas. They're very responsive, quick, concise and have deep subject matter expertise."
    • Corporate/M&A:
      • "They operate nationally in Canada, with a seamless approach to staffing across offices. They know our company well, and I appreciate their forward thinking about the next transaction to make things more efficient." 
      • "I have a tremendous amount of respect for the skill and advice that they have provided - they are our go-to firm for any large or sophisticated project."
    • Tax:
      • "I enjoy working with them - they bring a level of technical expertise that is extremely deep. We get tremendous insight."
      • "Osler is technically strong. They are also commercial and will take a view supported by reasoned and principled judgement in areas with no clear answer. I am very happy with their advice." 
      • "They've been exceptional and take a pragmatic view of issues."
    • Real Estate:
      • "The lawyers at Osler stand out for their responsiveness, expertise, and ease to deal with, as well as their ownership of issues."
      • "They are good in all areas, and the quality advice that they have offered is very impressive." 
      • "They have a lot of depth in their bench. A big firm with a lot of expertise."
  • The Legal 500, Canada
  • The Canadian Legal Lexpert Directory
  • International Tax Review
  • International Tax Review: Americas Tax Awards 2015, Osler wins National Tax Award in Canada
  • International Tax Review: Americas Tax Awards 2015, Osler honoured for Americas M&A Deal of the Year
  • Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada
  • Who's Who Legal
  • Best Lawyers in Canada
  • The Legal Media Group's Expert Guides
  • IFLR1000: The Guide to the World's Leading Financial Law Firms, Osler ranked in Tier 1, Capital Markets