Sale of Scotia Tower and US$159.2 million financing of Monit Investments

On September 30, 2016, Monit Investments Inc., a Montreal based real estate developer and property manager, completed the purchase from The Bank of Nova Scotia and its affiliate Scotia Realty LTD, as co-owners, of their 50.001% interest in the Tour Scotia office complex located at 1002 Sherbrooke Street West in downtown Montreal. Term acquisition and take-out financing in the amount of $88,000,000 was provided to Monit by a syndicate of lenders represented by Elias Retsinas and consisting of The Toronto-Dominion Bank, Royal Bank of Canada and Scotia Mortgage Corporation. Concurrently with the closing of the Tour Scotia acquisition and refinancing, Elias represented Scotia Mortgage Corporation in the conclusion of a term financing to Monit in the amount of $71,200,000 with respect to the adjacent property known as 1000 Sherbrooke Street West.