Purchase of Canada-based real estate investment trust was valued at US$1.2 billion
McCarthy Tétrault LLP advised Cortland Partners LLC in its acquisition of Pure Multi-Family REIT LP, with the agreement between the two companies signed on July 18.
The all-cash transaction was valued at US$1.2 billion, including net debt, according to a statement from McCarthys. The transaction’s completion is subject to customary conditions, including approval by unitholders at a special meeting, court approval and regulatory approvals, it added.
Cortland is a real estate investment and management company, based in Atlanta. It is involved in the acquisition, management, and development of mixed-use and residential multi-family properties in urban and suburban locations in the southern United States, the announcement said.
Meanwhile, Pure Multi-Family is a Canadian-based REIT that owns and operates multi-family real estate assets in major U.S. markets.
The McCarthys team that advised Cortland was led by partners Jonathan See and Robert Hansen and included Robin Mahood, Cameron Belsher, Glynnis Morgan, Scott Bergen, Jake Irwin and Leah Whitworth (business), Kathryn McNeece and Oliver Borgers (competition), Trevor Lawson, Donovan Plomp, Simmy Sahdra and Abigail Cheung (labour and employment), Kabir Jamal, Raj Juneja, Patrick McCay and Yaroslavna Nosikova (tax), Deron Waldock (pensions), and Miranda Lam and Geoff Hall (litigation), the announcement added.
