Skyline International acquires Blue Mountain Properties from Intrawest

Closing Date: 4/15/2013

Value: Undisclosed

Skyline International Development Inc. recently acquired Intrawest ULC’s ownership and management interests in the existing commercial retail space and development lands located in Blue Mountain, a resort village near Collingwood, Ontario. The transaction was completed on April 15, 2013.

Skyline is the premier operator and developer of destination communities in Ontario. It owns Horseshoe and Deerhurst Resorts as well as the Cosmopolitan and Pantages Hotels. Skyline also has a partnership and asset management interest in The King Edward Hotel in Toronto.

Under the retail portion of the transaction, Skyline acquired 50 per cent of existing commercial retail space within the Blue Mountain Village, which it will manage. In addition, Skyline will also manage the remaining 50% of the Village’s retail space. Skyline also acquired the land to build an additional 20,000 square feet of retail space within the Village.

In the residential portion of the transaction, Skyline acquired all remaining developable land in and adjacent to the Village, planning to double the Village’s current residential and condo-hotel footprint. Skyline intends to develop over 1,200 residential and condo-hotel units, townhouses and single-family homes in the years ahead.

Part of the purchase price was financed through a secured loan made by Integrated Private Debt Fund III LP. IPD manages and provides funding from the $1.1 billion Integrated Private Debt Fund LPs on behalf of a number of Canadian pension funds and other institutional investors. IPD offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.

IPD was represented by a team from BLG, including James Mathers, Sonia Molodecky and Marian Bournas (Financial Services) and Murray Shopiro and Stella Krutkiewicz (Commercial Real Estate).