Maple Leaf Distribution Centre

Industrial Warehouse Investment

Purchased in June 2009 for $21,000,600, on behalf of Churchill VII Real Estate Limited Partnership (50%) and Churchill VI Real Estate Limited Partnership (50%). This refrigerated state-of-the-art cold storage distribution facility was built in 2008 by Maple Leaf Foods as their Western Canadian distribution centre. The building has a 39-foot clear freezer warehouse with computer guided forklifts.

As an integral part of the acquisition of this property, Churchill negotiated a 20-year, fully net long term lease with rent escalations every five years with Maple Leaf foods. Churchill took advantage of the global recession by purchasing the property at this time. The property was subsequently resold at a profit, for $25,500,000, to a public traded REIT in January 2010 – just seven months after purchase.