Transactions & Cases Detail
Diamond Corporation, RioCan REIT, and Allied REIT complete C$136 million acquisition of property in downtown Toronto
December 12, 2012
Real Property / Construction
136 Million CAD
On December 12, 2012, RioCan Real Estate Investment Trust, Allied Properties Real Estate Investment Trust and Diamond Corp. completed the acquisition of the Globe & Mail Lands in Toronto''s Downtown West. Currently the home of The Globe & Mail Newspaper, the Property is comprised of 252,617 square feet of office space and 579 parking spaces, all set on 6.47 acres of land forming part of the large city block bounded by Spadina, Front, Draper and Wellington Streets.
The acquisition has established the basis for a joint venture (the "Downtown West JV") between RioCan, Allied and Diamond, with each of RioCan and Allied having an undivided 40% interest and Diamond having an undivided 20% interest. RioCan has a beneficial ownership in the Downtown West JV of 43.9% including its 19.3% participation in Diamond''s Whitecastle New Urban Fund 2. The joint-venture partners intend to redevelop the Property as a mixed-use retail, office and residential complex.
RioCan, headquartered in Toronto, Ontario, is a real estate investment trust, owning and managing shopping centres and retail properties.
Allied, headquartered in Toronto, Ontario, is a leading owner, manager and developer of urban office environments
Diamond, headquartered in Toronto, Ontario, is a land development company in residential and mixed use projects.
McCarthy Tétrault LLP represented Diamond, as acquiror.