Calloway REIT has purchased from the Wal-Mart – First Pro Realty Partnership 12 shopping centres comprising a total of approximately 2,391,000 rentable square feet of leased area and connected undeveloped lands with development potential for approximately 281,000 square feet of future retail space. Wal-Mart, which leases space in all 12 of the centres, now makes up approximately 31% of Calloway's gross rental revenue.  In addition to Wal-Mart, one of Canada's leading retailers, the centres include many other retailers among the leaders in their respective categories, such as Loblaws, Canadian Tire, Home Depot, Rona, Sportchek, Winners, Staples/Business Depot, and Reitmans.  The total consideration paid for the properties was approximately $297 million. The REIT funded the cash component of the total consideration for the properties by obtaining mortgage financing and vendor financing on the properties and through a public offering of trust units and convertible debentures.

...Wal-Mart – First Pro was represented by First Pro in-house counsel David Taras and Joseph Amato and Wal-Mart in-house counsel Ron Strathdee, and assisted by Davies Ward Phillips & Vineberg LLP with a team that included Greg Howard, Jeffrey Lem, Steven Martin and Brian Clark....