Brandt’s acquisition of the REAL District is facing delays on the road to finalization, according to the City of Regina. In a brief statement Monday, the city said it is continuing to work with REAL and Brandt towards closing the proposed transaction that will see the company purchase a series of properties on the Regina Exhibition Association Limited (REAL) Campus. The deal was originally expected to close on Monday. “Given the size and scope of the transaction, the parties are taking the appropriate time to complete and finalize the detailed agreements and closing requirements,” the city’s statement read. “This is a customary part of completing a transaction of this nature, and the parties continue to make progress toward closing.” The city highlighted the “significant progress” made on the transaction since its approval earlier this year – noting the size and complexity of the purchase. The original proposal outlined that for $6.5 million, Brandt would purchase the Ag-Ex Building, Canada Centre Building, Commercial Cattle Barn, Queensbury Convention Centre, Stockman’s Building, the Brandt Centre, the Agribition Building, the land lease for the McDonald’s located at 1810 Exhibition Parkway and the parking lot west of Mosaic Stadium. Additionally, Brandt would absorb REAL’s approximately 700 employees. This proposal was approved by Regina’s executive committee and city council in May. However, an additional proposal was discussed and approved by city council on Aug. 27, extending the terms of Brandt’s operation of the remaining REAL District properties, which include Mosaic Stadium, the Co-operators Centre, AffinityPlex and Confederation Park, for up to 20 years. In its statement, the city did not specifically refer to the term extension agreement.
