TORONTO, ONTARIO - March 4, 2010 - Entertainment Properties Trust (NYSE:EPR) ("EPR") announced the acquisition of the 10 Dundas Street complex from Ernst & Young Inc., in its capacity as the Court appointed interim receiver and receiver and manager of Metropolis Limited Partnership, in its capacity as general partner of, and as nominee and trustee of and for, Metropolis Limited Partnership, and Metropolis Limited Partnership (the "Receiver"). The purchase price included the payment of approximately $120 million to the Receiver, and the extinguishment of the second mortgage held by EPR against the complex in an amount in excess of the amount paid to the Receiver. In conjunction with the acquisition, the Company closed on a $100 million Canadian first mortgage credit facility with a group of banks.
The complex, often coined the "Times Square of Canada", is a 13 level mixed use, multi-media entertainment retail center located in downtown Toronto, consisting of approximately 330,000 square feet of net rentable area, including one of the highest grossing theatre complexes in Canada, as well as 25,000 square feet of digital and static signage. Major tenants include AMC Theatres, Future Shop, Google and Adidas.
Minden Gross LLP represented the Receiver in this transaction with a team led by Kenneth Kallish that included Ray Slattery (insolvency), Carl Schwebel and Monica Bianchini (real estate), Stephen Posen, Robyn Kestenberg and Melodie Eng (leasing) and Geoffrey Brown (commercial). For over 10 months Minden Gross also assisted the Receiver in all aspects relating to the management of the complex, including leasing and related tenant issues, construction liens and other claims, as well as digital and static signage contracts.
"This opportunity allowed Minden Gross to leverage the depth of our firm" said Mr. Kallish, "and represent the Receiver throughout the course of a complex receivership involving numerous stakeholders, including Ryerson University and the City of Toronto."