Elias is known as an “excellent” and “knowledgeable” lawyer who “makes sure things get done well and effectively.” (Client – Chambers Global 2016)
Elias provides clients with bold, no-nonsense advice on commercial real estate acquisitions, joint ventures, financing, development, construction and leasing. For nearly 30 years, he has worked on many of Québec’s largest real estate transactions, advising private and institutional real estate owners and developers, as well as major retailers. Highly regarded for his problem-solving abilities, Elias works on complex real estate acquisitions, developments and joint ventures. Borrowers and lenders also trust his legal and business acumen to guide their syndicated lending transactions and their construction and mortgage lending.
Practice coordinator for Montréal’s commercial real estate team, Elias is also chair of the Montréal office’s Opinion Committee for real estate and secured lending. He volunteers with several contemporary art organizations in Montréal, including DHC/ART Foundation for Contemporary Art and Phi Centre.
Merrimac Manufacturing Co. Inc.
Acted for Merrimac Manufacturing Co. Inc. and First Lasalle Equities Corporation in connection with the sale and leaseback to Skyline Commercial Real Estate Holding Inc. of five commercial properties located in Saint-Jean-sur-Richelieu, Québec.
Alre Properties Inc.
Acted for Alre Properties Inc. in connection with the sale to Fiera Properties Core Fund LP of a portfolio of nine commercial properties located in Québec and one commercial property located in Ontario.
Hydro-Québec Pension Fund
Acted for Grifdor Holdings Inc. and Hydro-Québec Pension Fund in connection with the joint venture acquisition of lands and development of over 430 residential condominium units as well as rental housing units and retail commercial spaces in a prime location in Griffintown, Montréal, with LSR Gestdev Inc. and Sotramont Griffintown Inc. as developer and construction manager respectively, valued at $133 million dollars.
Canadian Tire Real Estate Limited
Acted for Canadian Tire Corporation and Canadian Tire Real Estate Limited in connection with the structure of the newly created CT REIT and the transfer of the properties located in Québec with a value of approximately $875 million into CT REIT.
Bank of Montréal
Acted for Bank of Montréal in connection with Fiera Axium Infrastructure Inc.'s $267-million financing of Montréal Gateway Terminals.
Bank of Montréal
Acted for Bank of Montreal, Canadian Imperial Bank of Commerce, JPMorgan Chase Bank and a syndicate of ten banks in connection with the extension, amendment and increase of Gildan Activewear Inc.'s revolving credit facility to US$1.2 billion.
Acted as special counsel to a Korean institutional investor consortium led by Hanwha und Kyobo Life Insurance in the acquisition and financing of the Bell Campus project on Nuns' Island, Montréal, Québec.
Cominar Real Estate Investment Trust
Acted for Cominar Real Estate Investment Trust in connection with the $1.527-billion acquisition of a portfolio of 11 shopping centres, three office properties and one industrial property from Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec.
The Manufacturers Life Insurance Company
Acted for The Manufacturers Life Insurance Company ("Manulife") in a co-venture with Ivanhoé Cambridge Inc. for the acquisition and development of a high-rise office tower downtown Montréal containing approximately 486,000 square feet and in Manulife's leasing of approximately 270,000 square feet in the tower.
Cominar Real Estate Investment Trust
Acted for Cominar Real Estate Investment Trust in connection with the acquisition of Centre Rockland from Ivanhoé Cambridge for $271,685,000. Davies also represented Cominar in financing the acquisition by way of an unsecured bridge facility of up to $275 million.
Act Respecting the Réseau Électrique Métropolitain Now Passed
Sept. 28, 2017 - Québec’s National Assembly has passed Bill 137, titled An Act respecting the Réseau électrique métropolitain (Act). The purpose of the Act, passed on September 27, 2017, is to facilitate the construction and operation of a new shared transportation infrastructure that was publicly announced...
“Mixed-use real estate developments and joint ventures”, Journée stratégique sur le développement immobilier et urbain, September 27, 2017
Sept. 27, 2017
Adoption of Bill 122 and Its Impact on Real Estate Developments in Québec
June 19, 2017 - On June 15, the Québec National Assembly adopted Bill 122, An Act mainly to recognize that municipalities are local governments and to increase their autonomy and powers (the “Act”). The government of Québec has described this omnibus law as “the greatest decentralization of powers to...
By-law Adopted for the Harmonization of the Contribution for Parks for All Montréal’s Boroughs
June 14, 2017 - On June 13, 2017, the Municipal Council of the City of Montréal (City) adopted the By-law concerning the transfer for the purposes of establishing, maintaining and improving parks and playgrounds, and preserving natural areas on the territory of the City of Montréal [our translation] (the...
Harmonization of the Park Tax for All Montréal’s Boroughs
May 04, 2017 - The City of Montréal (City) recently published a draft bylaw titled By-law concerning the transfer for the purposes of establishing, maintaining and improving parks and playgrounds, and of preserving natural areas, on the territory of the City of Montréal [our translation] (draft bylaw)...
Québec Bill 112: Significant Changes to Duties on Transfers of Immovables
Nov. 22, 2016 - The Québec 2016-2017 Budget tabled by Finance Minister Carlos Leitão on March 17, 2016, announced significant changes to the Act respecting duties on transfers of immovables applicable to all transfers of immovables in the province of Québec as of March 18, 2016. On November 15, 2016, Bill...
Québec Budget 2016-2017: Significant Changes to Duties on Transfers of Immovables
Mar. 18, 2016 - The 2016-2017 Budget tabled by Finance Minister Carlos Leitão on March 17, 2016, announced significant changes to the Act respecting duties on transfers of immovables (the Act). Although these changes apply to the transfer of an immovable in Québec as of March 18, 2016, no bill has...
Recent Developments in Ontario Real Estate
Feb. 26, 2016 - Ontario Court of Appeal Rules on Assignment of Lease by Tenant The Ontario Court of Appeal recently released its decision in Hudson’s Bay Company v. OMERS Realty Corporation, a case that involved the assignment and sublease of the tenant’s interest in anchor tenant leases at Yorkdale,...
Urban Planning and Development
July 21, 2015 - More than ever, real estate development and urban planning go hand in hand, especially downtown. However, the urban planning guidelines approved by the City impose a regulatory framework on promoters that may prove to be challenging and restrictive. Such a framework is essential to align real...
Finance Multi-Jurisdictional Guide 2012: Canada
Mar. 20, 2012 - This article is a Q&A guide to finance in Canada. The Q&A gives a high-level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees and loan agreements. Download this article.
Chambers Canada: Canada’s Leading Lawyers for Business—Real Estate: Québec
The Canadian Legal Lexpert Directory—Property Development; Property Leasing
Expert Guides—Real Estate
The Best Lawyers in Canada—Banking and Finance Law; Real Estate Law (Lawyer of the Year 2018, Montréal)
Who’s Who Legal: Canada—Real Estate