Landlord Group Acquires a Portion of Target Canada Real Estate Portfolio

Goodmans represented the Court-appointed Monitor, Alvarez & Marsal Canada Inc., in the transaction where a landlord group led by Ivanhoe Cambridge Inc. and Oxford Properties Group completed a transaction involving the termination of leases at 11 properties previously leased by Target Canada Co. for $138 million.

Ivanhoe Cambridge Inc. and Oxford Properties Group were the landlords/managers of the 11 locations.  In January of 2015 Target announced it was seeking buyers for its real estate portfolio.  By order dated March 5, 2015, the Ontario CCAA Court approved the transaction whereby the leases in respect of these 11 locations were surrendered to Ivanhoe Cambridge and Oxford Properties Group for their termination resulting in the 11 locations being removed from the real property portfolio sales process.