KingSett and CREIT complete acquisition of Altius Centre in Calgary

Date Closed: 3/08/2012

Value: C$179.8 million

KingSett Canadian Real Estate Income Fund LP (KingSett) and Canadian Real Estate Investment Trust (CREIT) completed an acquisition, each as to a 50% co-ownership interest, in the Altius Centre located in Calgary, Alberta for the aggregated sum of $179.8 million from BPO (ALTC) Ltd., ALTCEN (MCEG) Ltd. and CREHOY Inc. (collectively, the Vendor). CREIT will manage and operate the property on behalf of KingSett and CREIT.

The acquisition was financed in part by mortgage financing in the amount of $55 million provided by London Life Insurance Company along with mortgage financing in the amount of $55 million provided by Royal Bank of Canada.

London Life Insurance Company was represented by Robert Stemp, Mike Hrabok and Rob McCulloch of BLG.