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BDW in ING’s Canadian takeover bid

BLAKE DAWSON WALDRON is advising ING Real Estate NV (INGRE) on the cash takeover bid by its indirect subsidiary of Summit real estate investment trust (REIT) in Canada.ING Real Estate Canada…

user iconLawyers Weekly • 25 September 2006 • Big Law
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BLAKE DAWSON WALDRON is advising ING Real Estate NV (INGRE) on the cash takeover bid by its indirect subsidiary of Summit real estate investment trust (REIT) in Canada.

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ING Real Estate Canada Trust (INGREC) — a joint venture special purpose vehicle owned by ING Industrial Fund (IIF) and INGRE — has launched a $3.36 billion takeover bid for Summit following a definitive agreement with the company’s board of directors.

IIF is an Australian listed managed investment scheme.

“As a 50/50 entity, the complexities were around structuring to meet the requirements of the Corporations Act 2001 as applicable to IIF as an Australian fund,” said BDW’s lead partner on the deal, Stephen Menzies.

“In relation to IIF’s participation, there were a series of complex Australian regulatory issues and ASIC modifications which had to be obtained by the team.”

Summit is Canada’s leading industrial REIT and the largest owner of industrial development property in the country, as well as Canada’s fourth largest REIT by market capitalisation on the Toronto Stock Exchange.

As well as Menzies, INGRE is being advised by BDW partner Matthew May and lawyer John Segleski. BDW’s team is working closely with Anna Crawford, general counsel for ING.

Simon Romano of Stikeman Elliot LLP in Toronto represented ING Real Estate in Canada.

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