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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.