May 21, 2020 - The Canada Mortgage and Housing Corporation (CMHC) has released the details of the Canada Emergency Commercial Rent Assistance Program (CECRA) for small businesses affected by the COVID-19 pandemic, a program that had initially been announced on April 29. CMHC has announced that it will take a...
Minto Apartment REIT Acquiring Rockhill Property
Davies acted for Minto Apartment Real Estate Investment Trust in the $268-million acquisition of Rockhill property in Montréal.
The transaction was one of two separate agreements entered into by the REIT to acquire interests in two high quality multi-residential rental properties in Montréal and Toronto, comprising a total of 1,413 suites. Under the agreement, the REIT partnered with I.G. Investment Management, Ltd. to acquire Rockhill from Ivanhoé Cambridge for a total consideration of $268 million.
The acquisition, which closed on May 6, 2019, will position the REIT as an important participant in the strong Montréal multi-family market, providing it with immediate scale and unlocking other future opportunities.
Apr. 29, 2020 - UPDATED: Montréal’s agglomeration council (AC) adopted on March 26 a bylaw that will allow the City of Montréal (City) to exercise a right of first refusal (pre-emptive right) to purchase properties to be used to build social housing. The City may exercise its right of first refusal and purchase...