Killam, Kuwaiti Bank Pay $32M For Ontario Apartments

Law360, New York (December 22, 2011, 6:09 PM EST) -- Canadian real estate investor Killam Properties Inc. and Kuwait Finance House paid a combined CA$33.3 million ($32.6 million) for a newly built apartment building in Ontario in its first outlay as partners in a venture started last year, Killam said Thursday.

Kuwait Finance, which bills itself as an Islamic bank, will put up CA$25 million in the offering and Killam will provide CA$8.3 million and manage the property, Killam said in a statement. The real estate firm said it expects to put mortgage debt on the property in 2012.

The deal marks...
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