Shannon O’Hearn

The applicant real estate investment trust applied for exemptive relief from the requirement to file a business acquisition report under Part 8 of National Instrument 51-102 in connection with its acquisition of a property.

The acquisition was not significant under the asset and investment tests but was significant under the income test.

The principal regulator granted the relief based on representations that the income test produced anomalous results and that the acquisition was not significant from a practical, commercial, business, or financial perspective.