Purchase of GE Canada Real Estate Equity Ontario Portfolio for approximately $1 Billion by Slate Properties Inc., Incore Equities Inc. and Pure Industrial REIT
|Areas||Commercial Real Estate, Competition, Antitrust and Foreign Investment, Corporate and Commercial, Employment and Labour, Tax|
On May 15, 2013, GE Canada Real Estate Equity (“GE”) completed the sale of its Ontario real property portfolio consisting of 79 properties.
Goodmans represented Slate Properties Inc. and its related group of companies (“Slate”) and Incore Equities Inc. (“Incore Equities”) in connection with the purchase of the Toronto core office properties and another Slate entity in the purchase of the suburban office properties. Pure Industrial Real Estate Trust (“PIRET”) purchased the 59 properties constituting the industrial portion of the portfolio. The combined purchase price of the entire GE portfolio was approximately $1 billion.
Slate is a Toronto-based commercial real estate investor and asset manager. Slate's founding partners have significant experience managing complex real estate transactions in domestic and international markets. Since 2005, Slate has acquired over 50 commercial real estate assets across North America with a total value of over $1.1 billion. Slate manages and currently co-invests in both Canada (value-add investment opportunities) and the U.S. (through two public non-listed open-ended realty trusts and a private closed-end fund, focused on acquiring stabilized grocery-anchored assets).
Incore Equities is a pension investment corporation and its shareholders include Canadian pension funds and other qualifying institutional entities managed by Greystone Managed Investments Inc. (“Greystone”). Greystone is a privately owned Canadian company engaged in managing investments for institutional investors including investments in real estate. Greystone serves institutional clients across Canada and offers a full range of investment services, with in-house teams covering fixed income, Canadian equities, U.S. equities, international equities, real estate and commercial mortgages. Greystone is headquartered in Regina, with offices in Toronto and Winnipeg.
GE is a unit of General Electric Co. and has been investing in the commercial real estate sector since 1973. It currently has debt & equity activities across North America, Europe and Asia-Pacific.
PIRET is an unincorporated, open-ended investment trust trading on the Toronto Stock Exchange established for the purposes of acquiring, owning and operating a diversified portfolio of income-producing industrial properties in primary markets across Canada. PIRET focuses exclusively on investing in industrial properties.