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Will Fung

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

  • NADG NNN REIT in connection with its up to US$50-million initial public offering of two classes of REIT units to acquire US triple net lease outparcel properties in August 2017

  • R&R REIT in connection with its securityholder-approved, related party acquisition of a portfolio of 9 US hotels comprising 1,020 rooms for aggregate purchase price of US$35.1-million approved in June 2017

  • WPT Industrial REIT in connection with its bought deal treasury and secondary offerings and private placement of REIT units totalling US$200-million from July 2016 to June 2017

  • The underwriters in connection with the C$75-million IPO of REIT units of Automotive Properties REIT (an auto dealership REIT vehicle) in July 2015, as well as follow-on offerings of REIT units for C$81-million from September 2016 to February 2017

  • The underwriters in connection with numerous bought deal offerings of REIT units and subscription receipts of Slate Office REIT (formerly FAM REIT) for C$330-million from 2014 to March 2017

  • 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, as well as all of its bought-deal offerings of stapled units, convertible debentures and senior unsecured debentures since its 1996 IPO including 3 offerings of senior unsecured debentures for C$500-million in 2017

  • Nexus REIT (formerly Edgefront 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, its friendly merger with Nobel REIT to create a C$300-million diversified REIT in April 2017, as well as follow-on marketed and bought deal offerings and private placement of REIT units for C$89-million from 2014 to June 2017

  • The underwriters in connection with the C$90.2-million bought deal offerings of REIT units of True North Commercial REIT from August 2016 to July 2017

  • Starlight U.S. Multi-Family (No. 1) Value-Add Fund in connection with its C$86.1-million IPO of limited partnership units in June 2017

  • The underwriters in connection with the C$100-million initial public offering of limited partnership units of American Hotel Income Properties REIT LP (a cross-border fund vehicle which owns a portfolio of U.S. hotel properties) in February 2013, as well as follow-on offerings of LP units and convertible debentures totalling C$530-million post-IPO to May 2017

  • The underwriters in connection with the C$63-million initial public offering of common shares of Tricon Capital Group Inc. in 2010 and numerous follow-on bought-deal offerings of common shares, subscription receipts and convertible debentures for C$800-million from 2012 to 2017 including the March 2017 offering of subscription receipts and extendible convertible debentures for US$321 million to acquire Silver Bay Realty Trust Corp.

  • The underwriters in connection with the bought deal offerings of REIT units of Agellan Commercial REIT totalling C$129-million from 2013 to February 2017

  • Starlight U.S. Multi-Family Core Fund, Starlight U.S. Multi-Family (No. 2) Core Fund, Starlight U.S. Multi- Family (No. 3) Core Fund and Starlight U.S. Multi-Family (No. 4) Core Fund in connection with their C$48-million IPO, C$34-million IPO, US$50-million IPO and C$75-million IPO of limited partnership units to acquire U.S. apartments in April 2013, November 2013, July 2014 and February 2015, respectively, and their October 2016 securityholder- and court-approved arrangement transaction to create the C$1.4-billion Starlight U.S. Multi-Family (No. 5) Core Fund

  • Starlight U.S. Multi-Family (No. 5) Core Fund in connection with its C$61.8-million IPO of limited partnership units in October 2016

  • The underwriters in connection with the US$95-million "initial" public offering of common shares of Mainstreet Health Investments Inc. (which went public via RTO) in June 2016, as well as follow-on offerings of subscription receipts and convertible debentures totalling US$119.8-million in 2016

  • The agents in connection with the C$49-million marketed offering of subscription receipts of Slate European Real Estate LP (a Canadian LP which owns a portfolio of German retail properties) in August 2016

  • The underwriters in connection with the C$138-million bought deal offering of subscription receipts of Sienna Senior Living Inc. to fund the acquisition of retirement residences and LTC homes, and interest in a management company, in May 2016

  • The underwriters in connection with the C$1-billion initial public offering of REIT units and senior unsecured debentures of Choice Properties REIT in 2013, as well as follow-on offerings of partnership notes and senior unsecured debentures for C$2.75-billion post-IPO to March 2016

  • The underwriters in connection with the C$105-million IPO of REIT units of Inovalis REIT (a cross-border REIT vehicle which owns a portfolio of French and German office properties) in April 2013, as well as follow-on offerings of REIT units for C$83-million post-IPO to July 2016

  • The underwriters in connection with numerous bought-deal offerings of common shares and convertible debentures of Exchange Income Corporation for gross proceeds of approximately C$498-million from 2009 to June 2016

  • 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

  • The underwriters in connection with numerous bought-deal offerings of REIT units and convertible debentures of True North Apartment REIT for C$189.3-million from 2012 to 2014

Awards & Recognition

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

  • The Canadian Legal Lexpert Directory 2020 (Corporate Finance & Securities and Mergers & Acquisitions)

  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada 2020 (Corporate Finance & Securities)

  • Chambers Canada: Canada's Leading Lawyers for Business 2020 (REITs)

  • The Best Lawyers in Canada 2020 (Corporate Law, Mergers & Acquisitions Law and Securities Law)

  • Who's Who Legal: Capital Markets 2019 (Debt and Equity)

  • 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
LL.B., University of Ottawa - 1990
B.Admin., University of Regina - 1989
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