Fasken Martineau DuMoulin LLP - the largest fully-public single-property
mortgage-backed securities offering in Canada
Canada is home to the world's largest shopping centre
- the West Edmonton Mall. The Mall encompasses approximately 4.2
million square feet and has almost 600 tenants. It contains a full-service
theme hotel, an NHL regulation size ice-rink, a water park and wave
pool and the largest indoor amusement park in the world. The Mall
has been described in a government study as being more important
to the Alberta economy than the town of Banff.
As befits such a project, it has kept legions of
lawyers busy for many years. Until litigation was settled a few
months ago, countless lawyers were involved in heated proceedings
over the financing of the Mall in 1994. Subsequent to the settlement
of that litigation in late 2002, the Mall has been refinanced in
an innovative transaction that may include the only security interest
in Canada on dolphins. The transaction – the largest fully-public
single-property mortgage-backed securities offering in Canada –
provided investors with an opportunity to acquire an indivisible
interest in the debt on the Mall and according to investment dealers
familiar with the transaction, has been warmly received by the investing
public.
Acting for the owners of the Mall, the Ghermezian
family of Edmonton, were Fasken Martineau DuMoulin LLP of Toronto
and Field LLP of Edmonton. Jon Levin led the Faskens team on the
financing side together with Wally Palmer, Eric Belli-Bivar, Bill
Bies and Donald Milner. Don Neeland and Theresa Tomkinson of Field
LLP dealt with the complex title issues and other concerns as local
counsel in Alberta to the Mall.
Column Financial Canada Limited, a wholly-owned subsidiary of Credit
Suisse First Boston, was represented by McCarthy Tetrault of Toronto.
Bill McCullough and Tzen Goh of that firm documented the carefully
structured financing on their behalf, while Marc MacMullin and Dean
Masse spearheaded the public securitization transaction that has
led to a $335 million offering of multiclass pass-through certificates.
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