Choice Properties REIT completes strategic sale of six high-quality office properties to Allied Properties REIT
Torys acted as counsel to Choice Properties with a team that includes Rose Bailey and Tristan McLeod (corporate/real estate), Michael Zackheim, Adrienne DiPaolo and Michael Murphy (corporate/M&A), Dany Assaf and Ian Li (competition), Darryl Hiscocks (employment), Corrado Cardarelli and Richard Johnson (tax).
On March 7, 2022, Choice Properties Real Estate Investment Trust (“Choice Properties”) announced that it had entered into an agreement to sell six high-quality office properties in Toronto, Vancouver, and Montreal to Allied Properties Real Estate Investment Trust (“Allied”) for an aggregate purchase price of C$794 million, excluding transaction costs.
The portfolio included office properties at
- 1010 Sherbrooke Street West, Montreal, Québec;
- 110 Yonge Street, Toronto, Ontario;
- 175 Bloor Street East, Toronto, Ontario;
- 525 University Avenue, Toronto, Ontario;
- 1185 West Georgia Street, Vancouver, British Columbia; and
- 1508 West Broadway, Vancouver, British Columbia.
Allied paid C$594 million of the purchase price through the issuance of 11,809,145 exchangeable Class B limited partnership units of Allied Properties Exchangeable Limited Partnership, an affiliated entity of Allied. The units are exchangeable into, and economically equivalent to, publicly traded trust units of Allied. The remainder of the purchase price was covered through a promissory note in the amount of C$200 million.
The transaction closed on March 31, 2022.
Further information can be found on Choice Properties’ website.
Allied is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense urban data center (“UDC”) space in Toronto.
Choice Properties is a leading real estate investment trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.