Choice Properties REIT in its $9.4-billion joint acquisition of First Capital REIT in partnership with KingSett Capital Choice Properties REIT in its $9.4-billion joint acquisition of First Capital REIT in partnership with KingSett Capital

Osler advised Choice Properties REIT in connection with its acquisition, together with KingSett Capital, of First Capital REIT in a transaction valued at approximately $9.4 billion, including the assumption of debt. Under the terms of the arrangement, Choice Properties will acquire approximately $5 billion of high-quality necessity-based retail assets from First Capital, while KingSett will acquire approximately $4.4 billion of First Capital assets and all of First Capital’s issued and outstanding units. First Capital unitholders will receive consideration of $19.24 in cash and 0.3186 Choice Properties units per First Capital unit, representing total consideration of $24.40 per unit.

Osler, Hoskin & Harcourt LLP advised Choice Properties REIT with a team consisting of Manny Pressman, Alex Gorka, Diana Windrim, Michael Vandenberghe, Stephanie Shuter and Jameel Manji (Corporate/M&A); Savvas Kotsopoulos, Stefan Fews, Anousheh Torabi, Jay Geers, Matt Ritchie, Josh Disenhouse, Sandy Yeung, Dan Minuk and Jorden Handel (Real Estate); Jack Silverson, David Davachi and Roger Smith (Tax); Shuli Rodal (Competition); Joyce Bernasek and Malcolm Peck-McQueen (Banking and Financial Services); Evan Barz, Shelby Empey, Tamara Kljakic and Andrew Rintoul (Environmental); and Sergey Stefanishin and Sandra Sbrocchi (Osler Works – Transactional).