canadian real estate investment trust merger
CREIT unitholders will have the ability to choose whether to receive $53.75 in cash or 4.2835 Choice Properties units for each CREIT unit held, subject to proration. CREIT's outstanding unsecured debentures will become debentures of Choice Properties on closing, ranking equally with existing Choice Properties unsecured debentures, and will remain outstanding. The resulting enterprise will have an The Trustees and executive officers of CREIT have agreed to vote their units in support of the transaction. Under the terms of the waiver, Starlight and KSLP7 and their respective affiliates are restricted from acquiring Northview Units which, together with Northview Units already owned, would exceed 19.99% of the outstanding Northview Units. Since February 19, 2020, 297,239 Northview Units were acquired by Starlight Group pursuant to Northview’s Distribution Reinvestment Program. Canadian Apartment Properties Real Estate Investment Trust Company Profile. The combined REIT is in an enviable position with more than 60 sites prime for creating exciting residential-focused mixed-use communities, many of which are in close proximity to public transportation where people want to live, work, play and shop. ft. of GLA and consists of 546 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Additional income through monthly distributions of roughly 0.41% per month. As a result of the Unit Acquisitions, Starlight Group, Mr. Daniel Drimmer, D.D. CREIT's Board of Trustees has received an opinion from its financial advisor, RBC Capital Markets, that as of the date thereof and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by unitholders of CREIT pursuant to the transaction is fair, from a financial point of view, to unitholders of CREIT. Choice Properties and Canadian Real Estate Investment Trust Combine to Form Canada's Largest REIT in a $6.0 Billion Transaction News provided by Choice Properties Real Estate Investment Trust The public unitholder base for Choice Properties will significantly increase, with approximately 35% of the proforma entity owned widely by the public. Copyright Â© 2020 CNW Group Ltd. All Rights Reserved. A recent spate of mergers in U.S. real estate investment trusts has some investors giving the underperforming sector another look. estate a long-term core business and transform Choice Properties into the premier diversified real estate investment trust in Canada. The arrangement agreement provides that CREIT is subject to non-solicitation provisions and provides that the Board of Trustees of CREIT may, under certain circumstances, terminate the agreement in favour of an unsolicited superior proposal, subject to payment of a termination fee of $95 million to Choice Properties and subject to a right of Choice Properties to match the superior proposal in question. Simon Property Renegotiates Its Merger With Taubman A deal cut in better times causes buyer's remorse for one real estate investment trust and its shareholders. Investment Canada Act. This press release contains forward-looking statements concerning: the combined entity's financial position; growth prospects of the combined entity; certain strategic benefits of the transaction; intensification and development opportunities; management and governance of the combined entity; conversion of Loblaw's Class C LP units into Class B LP units on closing and related matters; the timing of the CREIT's unitholders meeting and publication of related unitholder materials; the timing of publication of Choice Properties' information statement; the expected completion date of the proposed transaction; the anticipated tax treatment of the proposed transaction for CREIT unitholders; leverage of the combined entity following closing of the transaction; and the combined entity's anticipated future results and development opportunities. Choice Properties will finance the cash portion of the transaction with committed credit facilities fully underwritten by TD Securities totaling $3.6 billion. Together, Choice Properties and the REIT will form Canada’s largest real estate investment trust with an enterprise value of approximately $16 billion and a significant development pipeline. Choice Properties intends to maintain its current distribution of $0.74 per unit on an annual basis. The primary benefit is a reliable and, over time, increasing monthly cash distribution. H&R REIT (TSX: HR.UN) is one of Canada’s largest fully internalized real estate investment trusts with total assets of approximately $13.3 billion at September 30, 2020. Acquisitions Partnership, DD Naples Partnership, Drimmer Holdings Ltd., Green-Starlight LP, MS Naples Partnership, Mustang DDAP Partnership, Mustang-Master LP, PD Kanco LP, Red-Starlight LP, Yellow-Starlight LP, DF Naples Partnership, DF Acquisitions Ltd. and LD Naples Partnership (each of which has a head office at 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON M8X 2X3) (collectively, “Starlight”) and KSLP7 (which has a head office at 40 King Street West, Suite 3700, Toronto, ON M5H 3Y2) increased their aggregate beneficial ownership of Northview Units to 10,428,696 Northview Units or 15.42%% of the total outstanding Northview Units (on a non-diluted basis). The proforma information set forth in this press release should not be considered to be what the actual financial position or other results of operations would have necessarily been had Choice Properties and CREIT operated as a single combined entity as, at, or for the periods stated. Choice Properties also intends to file an information statement containing further information regarding the transaction. The transaction adds more industrial and office space to Choice Properties’ heavily retail portfolio. Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties. The resulting enterprise will have industry leading operating and development capabilities as well as an unparalleled diversified portfolio comprising 752 properties with 69 million square feet of GLA. More information regarding these non-GAAP measures and a reconciliation of each to the nearest IFRS financial measure is available in Choice Properties' most recent management's discussion and analysis filed on SEDAR (www.sedar.com). Assuming leadership roles at Choice Properties will be Mr. Stephen Johnson, as President and Chief Executive Officer, Mr. Rael Diamond, as Chief Operating Officer, and Mr. Mario Barrafato, as Chief Financial Officer. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on Choice Properties' and CREIT's perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Ascendas Real Estate Investment Trust’s preferential offering was oversubscribed, raising gross proceeds of around S$396.5 million ($297.6 million), its manager said Thursday night in an exchange filing. This combined entity will be Canada's preeminent diversified REIT. residential equities real estate investment trust recommendation the offer and merger described in the accompanying documents form the principal parts of the transactions pursuant to which canadian apartment properties real estate investment trust (‘‘cap reit’’) proposes to acquire all of the issued and outstanding trust units (‘‘resreit units’’) of residential equities In addition to unitholder and court approvals, the transaction is subject to compliance with the Competition Act and certain other closing conditions customary in transactions of this nature. Closing Date: Nov 1, 1999 lexpert . This press release for Choice Properties and CREIT contains forward-looking statements about the proposed acquisition by Choice Properties of CREIT. Wed, Sep 04, 2019 - 9:06 AM. The transaction will be carried out by way of a court-approved plan of arrangement and will require the approval of at least 66 2/3% of the votes cast by the unitholders of CREIT at a special meeting expected to take place in April 2018. The offering was part of an equity fundraising exercise, announced last month, alongside a private placement that raised about S$800 million. The TSX has advised Choice Properties that, as Loblaw holds an approximately 82% voting interest in Choice Properties, it will accept Loblaw's agreement to support the transaction as evidence of unitholder approval and not require Choice Properties to hold a unitholder meeting. Artis is a diversified Canadian real estate investment trust investing primarily in industrial and office properties in select markets in Canada and the United States. The retail portfolio (78% of NOI) is focused on necessity based retailers (85% of the retail assets) and provides a solid foundation of stable and growing cash flows. H&R REIT has ownership interests in a North American portfolio of high quality office, retail, industrial and residential properties comprising over 40 million square feet. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Choice Properties' and CREIT's expectations only as of the date of this release. Choice Properties' and CREIT's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Choice Properties and CREIT believe these non-GAAP financial measures provide useful information to both management and investors in measuring financial performance. In the combined REIT, John Morrison will become the Vice Chairman of the Board of Trustees and Stephen Johnson will be the President and CEO.". The balance of the portfolio is diversified by high quality industrial assets (14% of NOI) and office assets (8% of NOI) located in Canada's largest markets. Two Canadian REITs complete merger into Nexus REIT Earlier this week, Edgefront Real Estate Investment (TSXV: ED.UN) and Nobel Real Estate Investment Trust (TSXV: NEL.UN) announced the completion of its deal to enter into a diversified merger. Following the transaction, Loblaw and GWL (TSX:WN) will own approximately 62%Â andÂ 4%Â of the proforma entity, respectively. Choice Properties and CREIT can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Northview’s head office is located at 200, 6131- 6th Street SE, Calgary, Alberta T2H 1L9. The Class C LP units are convertible by their terms into Class B LP units commencing in 2027 and the conversion of the Class C LP units on closing of the transaction will be effected in accordance with those terms. The TSX has granted Choice Properties an exemption from the minority unitholder approval requirement that would otherwise technically apply to the conversion given that the number of Class B LP units to be issued to Loblaw exceeds 10% of the total number of outstanding units of Choice Properties (including Class B LP units/special voting units) on a standalone basis before giving effect to the transaction and the conversion of the Class C LP units is being accelerated to facilitate the financing of the transaction. TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Starlight Group Property Holdings Inc. (“Starlight Group”) and KingSett Real Estate Growth LP No. It is also a key input in determining the fair value of the portfolio. Under applicable TSX rules, the transaction also requires the approval of Choice Properties' unitholders by majority vote, as the number of Choice Properties units to be issued in the transaction exceeds 25% of the total number of outstanding Choice Properties units. The combined entity will continue to maintain a stable and prudent capital structure, prioritizing risk management, liquidity and financial flexibility. There can be no assurance that the proposed transaction will occur or that the anticipated strategic benefits will be realized. Choice Properties has also arranged a new $1.5 billion committed revolving credit facility, that will replace its and CREIT's existing credit facilities ensuring that Choice Properties will have maximum flexibility to support ongoing growth prospects including acquisitions and development. Together, the combined REIT is uniquely positioned to deliver results for unitholders as the owner, manager and developer of a high quality portfolio of diversified assets.". A merger arbitrage opportunity with over 9% upside for an estimated 6 to 9-month duration. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through accretive acquisitions, strategic development and active property management. No shareholder is going to vote against the merger and watch their stock tank to around $40. OUE real-estate investment trust (Reit) merger follows Viva-ESR; hope is to create better liquidity in stocks. You want to make sure when a REIT issues units to make acquisitions (which is common in the sector because REITs pay out so much of their income) that the deal is accretive to shareholders. CT Real Estate Investment Trust Declares Distribution for the Period of December 1, 2020 to December 31, 2020 December 10, 2020 CT REIT Announces Offering of $150M 2.371% Series G Senior Unsecured Debentures due January 6, 2031 and Redemption of $150M 2.159% Series C Senior Unsecured Debentures due June 1, 2021 September 2020 Highlights. March posted a total return of … Choice Properties' strong alliance with Loblaw positions it well for future growth. Choice Properties is a Real Estate Investment Trust that owns, manages and develops retail and commercial real estate across Canada. Torys LLP is acting as legal counsel to Choice Properties and Blake, Cassels & Graydon LLP is acting as legal counsel to CREIT. CREIT owns a diversified portfolio of retail, industrial and office properties. Prior to the Unit Acquisitions, Starlight and KSLP7 were deemed to beneficially own an aggregate of 9,411,957 Northview Units representing 13.92% of all outstanding Northview Units (on a non-diluted basis). The Unit Acquisitions made on the Toronto Stock Exchange were made in accordance with Northview’s waiver of a standstill agreement as announced by Northview on March 23, 2020. Canadian Real Estate Investment Trust: Mario Barrafato, Executive Vice President and Chief Financial Officer, 416-628-7872, firstname.lastname@example.org; Choice Properties Real Estate Investment Trust: Kim Lee, Vice President, Investor Relations and Business Intelligence, 416-324-7899, email@example.com; Laurel Hill Advisory Group: 1-877-452-7184 (toll-free for CREIT unitholders in … CAPREIT is focused on the management of properties, acquisitions and financial management, and reinvest capital within the property portfolio. The merger would be structured and implemented by way of an arrangement agreement and plan of arrangement pursuant to the Canada Business Corporations Act. The proposed transaction is subject to approval under the Competition Act and by the TSX and the fulfillment of certain conditions, and there can be no assurance that any such approvals will be obtained and/or any such conditions will be met. Choice Properties and CREIT Complete Transaction to Create Canada's Preeminent Diversified REIT. These measures do not have a standard meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measurers presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP. As previously reported on the System for Electronic Disclosure by Insiders (SEDI), 719,500 Northview Units were acquired on the Toronto Stock Exchange between September 11 and 16, 2020 for aggregate cash consideration of $24,453,418.26, at prices between $33.67 and $33.99 per Northview Unit. This expanded pipeline includes potential to capitalize on an established retail development and intensification program and to leverage joint venture partnerships to access attractive sites to fuel additional development. The maximum amount of cash to be paid by Choice Properties will be approximately $1.65 billion and approximately 183 million units will be issued, based on the fully diluted number of CREIT units outstanding. ", Stephen Johnson, CEO of CREIT, said "This transformational combination creates immediate value for CREIT and provides tremendous opportunity for Choice Properties to capitalize on Canada's leading development pipeline and create long term value. Using the Choice Properties closing unit price on February 14, 2018 of $12.49, this represents $53.61 per CREIT unit, which is a 23.1% premium to the CREIT closing unit price on February 14, 2018. February 2018 Canadian Real Estate Investment Trust agreed to be purchased by Choice Properties Real Estate Investment Trust, the real estate arm of Loblaw Companies Limited. Choice Properties will consider hedging the term loan to manage floating interest rate exposure. The transaction financing has been structured with the intent of maintaining Choice Properties' current "BBB" credit rating. Choice Properties was spun out by Loblaw Cos. Ltd. in 2013 and the grocery chain is its biggest tenant today. The total consideration will consist of approximately 58% in Choice Properties units and 42% in cash. Upon closing, Mr. John Morrison will step down as President and Chief Executive Officer of Choice Properties and will serve as non-executive Vice Chairman of the combined REIT, providing guidance to the combined organization. © 2020 GlobeNewswire, Inc. All Rights Reserved. Because investors don’t know upfront just where their money will be used, SPACs are often referred to as blank checks. To access the conference call via webcast, a link is available at www.choicereit.ca in the "Events and Webcast" section under "News and Events". SOURCE Choice Properties Real Estate Investment Trust, For further information: Choice Properties Real Estate Investment Trust, Kim Lee, Vice President, Investor Relations and Business Intelligence, (416) 324-7899, [email protected]; Canadian Real Estate Investment Trust, Mario Barrafato, Executive Vice President and Chief Financial Officer, 416-628-7872, [email protected]. The term loan is structured in tranches maturing in 3, 4 and 5 years. Relying on the depth of tenant relationships of both organizations, the combined real estate will provide tenants with best-in-class real estate solutions across an extensive national portfolio. TORONTO, Feb. 15, 2018 /CNW/ - Choice Properties Real Estate Investment Trust (TSX:CHP.UN, "Choice Properties") and Canadian Real Estate Investment Trust (TSX:REF.UN, "CREIT") today announced an agreement pursuant to which Choice Properties will acquire all of CREIT's assets and assume all of its liabilities, including long-term debt and all residual liabilities. Choice Properties plans to issue a maximum of approximately 70.9 million units upon the conversion and, if required, to pay any shortfall in value on closing in cash. Choice Properties is an owner, manager and developer of well-located retail and commercial real estate across Canada. CREIT unitholders resident in Canada who receive cash generally will receive capital gains treatment on the redemption of their CREIT units. 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