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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Crombie Real Estate Investment Trust Acquires Empire Retail Portfolio

2008

Areas Commercial Real Estate, Competition, Antitrust and Foreign Investment, Corporate and Commercial, Corporate Finance and Securities, Environmental Law, REITs and Income Securities

Summary

Goodmans represented Crombie Real Estate Investment Trust ("Crombie") in connection with the acquisition of a portfolio of 61 retail properties from subsidiaries of Empire Company Limited ("Empire") for $428.5 million. The properties represent approximately 3.3 million square feet of gross leaseable area and consist of 40 freestanding grocery stores carrying various Sobeys banners and 21 strip plazas all anchored by Sobeys bannered grocery stores. The acquisition was financed in part by Crombie’s March 20, 2008 bought deal financing of 5,727,750 subscription receipts and $30 million aggregate principal amount of 7.0% extendible convertible unsecured subordinated debentures for gross proceeds of $93,005,250. On closing of the acquisition, each subscription receipt was converted into one unit of Crombie and the maturity date for the debentures was extended to March 20, 2013. The remainder of the purchase price for the acquisition was satisfied by: (i) the issuance of $55 million of Class B LP Units of Crombie Limited Partnership to affiliates of Empire; (ii) a $280 million 18 month bridge financing from a Canadian Chartered bank; and (iii) a draw on Crombie's revolving credit facility. Following closing of the acquisition, Empire holds a 47.8% economic and voting interest in Crombie.