Today, West Coast firm Boughton Law announced the completion of the sale-leaseback for three Gateway Casinos & Entertainment Limited properties located in Greater Vancouver. Boughton Law represented Mesirow Realty Sale-Leaseback, Inc. (“MSRL”), the net-lease real estate investment arm of Mesirow Financial, as the company’s Canadian Counsel.
The deal, which is valued at over $500 Million, includes the acquisition of three properties, including the Grand Villa Casino in Burnaby, Starlight Casino in New Westminster and Cascades Casino in Langley. Each of the sites will continue to operate the casinos under the leases, offering the same outstanding experience with no expected changes to employees or operations at any of the three locations.
Represented by Boughton Law’s seasoned litigator and Shareholder George Cadman, George provided MSRL with strategic advice in the completion of the real estate acquisition. In addition to the team at Boughton Law, the purchase of the acquisition was arranged by Senior Managing Directors Garry Cohen and Douglas Barker. The acquisition financing was structured in collaboration with Mesirow Financial’s Credit Tenant Lease (CTL) and Structured Debt group led by Senior Managing Directors Stephen Jacobson and Nathaniel Sager, as well as its Institutional Sales and Trading division. MRSL was also represented by law firm Goldberg Kohn of Chicago. Four Corners Advisors and David Solano served as the buyer’s advisors on the transaction.
Upon the completion of the acquisition, Shareholder at Boughton Law George Cadman says, “A deal as large as this takes a great deal of collaboration from multiple parties. As an expert in real estate transactions in Metro Vancouver, Boughton Law was able to provide on the ground expertise to the other parties involved in the acquisition. A deal of this magnitude speaks to the calibre of the team we have here at Boughton Law and our ability to represent international companies in this capacity.”
Bennett Jones LLP and Latham & Watkins LLP served as legal counsel to Gateway. Colliers International, Capital Markets Group, also advised Gateway on the transaction.