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Will Fung

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Recent representative matters over the past several years include acting for:

  • Starlight Investments in connection with the proposed going private transaction with Northview Properties REIT by way of unitholder- and court-approved arrangement valued at C$4.8-billion announced in February 2020

  • WPT Industrial REIT in connection with its US$240-million subscription receipt offering and related acquisition of a US$730-million US industrial portfolio in February 2020, the July 2018 internalization of its asset and property management functions and establishment of a private capital joint venture targeting US$1-billion of equity allocation to pursue industrial value-add and development investments, as well as numerous follow-on offerings of REIT units totalling approximately US$420-million since July 2016

  • H&R REIT in connection with its October 2018 court-approved internal reorganization to unwind its "stapled unit" structure with H&R Finance Trust, as well as all of its offerings of units and debentures since its 1996 IPO including offerings totalling approximately C$987.5-million since 2017

  • The dealers in connection with Minto Apartment REIT's C$230-million IPO of REIT units in 2018, as well as follow-on offerings of REIT units totalling C$398-million post-IPO

  • InterRent REIT's Special Committee in connection with the internalization of the REIT's property management functions for C$38-million in February 2018

  • The dealers in connection with Choice Properties REIT's C$1-billion IPO of REIT units and debentures in 2013, as well as numerous follow-on offerings of REIT units, partnership notes and debentures totalling approximately C$6.345-billion post-IPO

  • H&R REIT and H&R Finance Trust in connection with its friendly C$2.75-billion acquisition of Primaris REIT by way of a court approved plan of arrangement and concurrent C$1.28-billion sale of a portfolio of Primaris retail properties to the Kingsett group of funds in April 2013

  • The dealers in connection with BSR REIT's (a Southeastern US apartment operator) US$135-million IPO of REIT units in 2018, as well as follow-on offering of REIT units totalling US$40.3-million post-IPO

  • Starlight US Multi-Family Core Plus Fund in connection with its US$163.2-million IPO of various classes of LP units in February 2020

  • The dealers in connection with Automotive Properties REIT's C$75-million IPO of REIT units in 2015, as well as numerous follow-on offerings of REIT units totalling C$220-million post-IPO

  • Nexus REIT in connection with its REIT conversion by way of a court approved plan of arrangement and concurrent acquisition of C$68-million of industrial properties and its friendly merger with Nobel REIT to create a C$300-million diversified REIT in April 2017, as well as follow-on offerings of REIT units for C$89-million since 2014

  • Starlight US Multi-Family Value Add Fund in connection with its going private transaction with PSP Investment Board valued at US$240-million in January 2020 and its C$86.1-million IPO of LP units in June 2017

  • The dealers in connection with First Capital Realty Inc.'s C$453.2-million offering of common shares (represented by instalment receipts) and concurrent C$741.6-million repurchase of common shares from Gazit Canada Inc. in April 2019

  • The dealer manager in connection with Slate Retail REIT's C$52.8-million substantial issuer bid for its REIT units in February 2019

  • R&R REIT in connection with its separate acquisitions of three hotel portfolios totalling 2,576 rooms for US$118.6-million since June 2017

  • The dealers in connection with Continuum Residential REIT's C$300-million IPO of REIT units, withdrawn in 2019

  • The dealers in connection with True North Commercial REIT's REIT unit offerings totalling C$268.5-million since August 2016

  • Starlight U.S. Multi-Family (No. 5) Core Fund in connection with its security holder-approved and court-approved arrangement transaction pursuant to which it was acquired by Tricon Capital Group Inc. at a value of US$1.4-billion in June 2019, as well as its creation through a securityholder- and court-approved arrangement transaction merging the four predecessor Starlight US public funds and concurrent C$61.8-million IPO of LP units in October 2016

  • The dealers in connection with Inovalis REIT's (a cross-border REIT which owns French and German office properties) C$105-million IPO of REIT units in April 2013, as well as follow-on offerings of REIT units totalling C$83-million post-IPO

  • The dealers in connection with Invesque Inc.'s US$95-million "initial" public offering of common shares by way of RTO in June 2016, as well as follow-on offerings of subscription receipts and convertible debentures totalling US$169.8-million post-IPO

  • Starlight Group Property Holdings Inc. in connection with the establishment of a closed-end Canadian multi-res real estate fund on an equity commitment basis in April 2019

  • The dealers in connection with Slate Office REIT offerings of REIT units and subscription receipts totalling C$462-million since 2014

  • The dealers in connection with Sienna Senior Living Inc.'s offerings of REIT units and subscription receipts totalling C$322-million since May 2016

  • The dealers in connection with Tricon Capital Group Inc.'s C$63-million IPO of common shares in 2010 as well as numerous follow-on offerings of common shares, subscription receipts and convertible debentures for C$800-million post IPO, including the March 2017 offering of subscription receipts and extendible convertible debentures for US$321-million to acquire Silver Bay Realty Trust Corp.

  • The dealers in connection with American Hotel Income Properties REIT LP's (a cross-border fund vehicle which owns a portfolio of U.S. hotel properties) C$100-million IPO of LP units in February 2013, as well as follow-on offerings of LP units and debentures totalling C$530-million post-IPO

  • TransGlobe Apartment REIT in connection with its C$2-billion privatization by PD Kanco LP and Starlight Investments Ltd., the internalization of its asset and property management functions and its C$250-million IPO, as well as its follow-on bought-deal offerings of subscription receipts and extendible convertible debentures for C$353.8-million

Awards & Recognition

Will has been recognized as one of Canada's leading lawyers in the following publications:

  • The Canadian Legal Lexpert Directory 2022 (Corporate Finance & Securities and Mergers & Acquisitions)

  • The Best Lawyers in Canada 2022 (Corporate Law, Mergers & Acquisitions Law and Securities Law)

  • Chambers Canada: Canada's Leading Lawyers for Business 2022 (REITs)

  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada 2022 (Corporate Finance & Securities)

  • Who's Who Legal: Thought Leaders – Global Elite 2022 (Capital Markets – Debt & Equity)

  • Who's Who Legal: Global 2022 (Capital Markets – Debt & Equity)

  • Who's Who Legal: Canada 2022 (Capital Markets)

  • The Lexpert Special Editions on Leading Corporate Lawyers in Report on Business Magazine (Globe and Mail)

  • Lexpert magazine as one of Canada's "Top 40: 40 and Under 40" (November/December 2004)

Professional Activities

Will is a member of the Hong Kong Canada Business Association and the American Bar Association.

Education
Admitted to the Ontario Bar – 1992
LLB, University of Ottawa – 1990
BAdmin, University of Regina – 1989
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