Announcement

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.

The Davies team working on this transaction included Elias Benhamou, Mylène Nadeau, Mark Katz and Louise Patry.

Related

Increase of Transfer Duties in Montréal

Dec. 17, 2019 - The City of Montréal has adopted a bylaw that will increase the transfer duties payable in Montréal for transactions exceeding $2 million, starting on January 1, 2020. The City is adding a new bracket for the basis of imposition for transfers of immovables exceeding $2 million and has set the...