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Representative Matter

Allied and Partners Reorganize Ownership of TELUS Sky

J. Kyle Genga, Jacob B. Dubelaar, Melanie Cole, Aaron Collins, Jonathan Yantzi, Kanika Sharma, Stephen Zolf, Portia Biswas, Queenie Lo, Daniella Guzzi, Carol J. Burns and Angelo Gentile

In December 2024, Allied Properties Real Estate Investment Trust ("Allied") and its partners completed the reorganization of the ownership of TELUS Sky in Calgary, Alberta.

TELUS Sky, a joint venture by TELUS, Westbank and Allied, includes 452,352 sq. ft. of office space, 13,059 sq. ft. of retail space and 156 underground commercial parking stalls (the “Commercial Component”), as well as 326 rental residential units and 176 underground residential parking stalls (the “Residential Component”).

In the reorganization, Westbank and Allied sold their respective 1/3 interests in the Commercial Component to TELUS, while TELUS sold its 1/3 interest in the Residential Component to Westbank and Allied. Consequently, TELUS now owns 100% of the Commercial Component, and Westbank and Allied now own 100% of the Residential Component in equal shares.

Aird & Berlis represented Allied with a team led by Kyle Genga and Jacob Dubelaar (Real Estate) and including Melanie Cole (Corporate), Aaron Collins, Jonathan Yantzi and Kanika Sharma (Banking), Stephen Zolf and Portia Biswas (Competition), Queenie Lo and Daniella Guzzi (Real Estate), and Carol Burns and Angelo Gentile (Tax).