July 22, 2020 - The Québec Superior Court recently handed down a decision stating that the mandatory closure of businesses ordered by the Québec government on March 24, 2020, due to the COVID-19 pandemic constitutes force majeure. The Court also interpreted a clause of the lease providing that the tenant must...
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.
June 25, 2020 - As governments attempt to support small businesses affected by the COVID-19 pandemic, Ontario has joined other provinces in introducing a moratorium on evictions of small business commercial tenants. Passed on June 18, 2020, the Protecting Small Business Act, 2020 temporarily prohibits...