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. 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. This will increase liquidity for the proforma Choice Properties units, which is expected to make them eligible for inclusion in relevant indices. 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. Generally, the transaction will provide a tax-deferred rollover for Canadian resident CREIT unitholders who receive Choice Properties units in respect of their CREIT units. There can be no assurance that the proposed transaction will occur or that the anticipated strategic benefits will be realized. The term loan is structured in tranches maturing in 3, 4 and 5 years. 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. 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]. For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see Northview’s profile on SEDAR at www.sedar.com. 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. 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. Montréal. © 2020 GlobeNewswire, Inc. All Rights Reserved. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through accretive acquisitions, strategic development and active property management. Choice Properties' principal tenant and largest unitholder is Loblaw, Canada's largest retailer. On February 14, 2017, Nobel Real Estate Investment Trust (“Nobel”) and Edgefront Real Estate Investment Trust (“Edgefront”) jointly announced their merger to create a $300 million diversified REIT. The consolidated development pipeline presents meaningful value creation opportunities. 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". Readers are cautioned that the foregoing list of factors is not exhaustive. Since February 19, 2020, 297,239 Northview Units were acquired by Starlight Group pursuant to Northview’s Distribution Reinvestment Program. 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. Wed, Sep 04, 2019 - 9:06 AM. Canadian Real Estate Investment Trust: Mario Barrafato, Executive Vice President and Chief Financial Officer, 416-628-7872, mbarrafato@creit.ca; Choice Properties Real Estate Investment Trust: Kim Lee, Vice President, Investor Relations and Business Intelligence, 416-324-7899, kim.lee@choicereit.ca; Laurel Hill Advisory Group: 1-877-452-7184 (toll-free for CREIT unitholders in … 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. 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). No shareholder is going to vote against the merger and watch their stock tank to around $40. In aggregate the Northview Units acquired represent approximately 1.5% of all outstanding Northview Units. Choice Properties is a Real Estate Investment Trust that owns, manages and develops retail and commercial real estate across Canada. 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). 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. Choice Properties' expanded diversified real estate portfolio, anchored by Canada's largest retailer, will provide unitholders of both Choice Properties and CREIT the opportunity to capitalize on the future growth and value creation opportunities of this strategic transaction. Canadian Apartment Properties Real Estate Investment Trust Company Profile. THE trust scheme of arrangement for the merger of OUE Commercial Real Estate Investment Trust (C-Reit) and OUE Hospitality Trust (H-Trust) on Wednesday morning became effective and binding. About Choice Properties Real Estate Investment Trust. 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. 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. 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. Canadian Real Estate Investment Trust Contested Merger. 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. It is also a key input in determining the fair value of the portfolio. Choice Properties' Board of Trustees has received an opinion from its financial advisor, TD Securities Inc., that as of the date thereof and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be paid by Choice Properties to CREIT unitholders pursuant to the transaction is fair, from a financial point of view, to Choice Properties. Industry. 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 estate a long-term core business and transform Choice Properties into the premier diversified real estate investment trust in Canada. The REIT’s properties are well located across Canada majorly in the largest markets. This press release uses the following non-GAAP measures: NOI (Net Operating Income). 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. Additional income through monthly distributions of roughly 0.41% per month. OUE real-estate investment trust (Reit) merger follows Viva-ESR; hope is to create better liquidity in stocks. 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. Choice Properties and CREIT believe these non-GAAP financial measures provide useful information to both management and investors in measuring financial performance. Choice Properties calculates NOI as rental revenue, excluding straight-line rent, from investment properties less property operating costs. An investor presentation will be made available on the Choice Properties and CREIT respective websites immediately prior to the call (please visit: www.choicereit.ca or www.creit.ca). 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. CREIT unitholders, who will own approximately 27% of the combined company, stand to benefit from substantial upside over the long-term, driven by the combined entity's financial stability, diversity and growth prospects. 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. CREIT's Board of Trustees has unanimously (other than Trustees who have abstained from voting or recused themselves) determined that the transaction is in the best interest of CREIT and CREIT unitholders and is unanimously recommending that CREIT unitholders vote in favour of the transaction. 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). Choice Properties and CREIT disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The total top or bottom line isn’t nearly as important as per unit metrics. The merger would be structured and implemented by way of an arrangement agreement and plan of arrangement pursuant to the Canada Business Corporations Act. 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 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. John Stransman and Rob Nicholls of the Toronto securities practice of Stikeman, Elliott are acting for Canadian Real Estate Investment Trust in their proposed merger transaction and takeover bid for Avista Real Estate Investment Trust. The Proposed Transaction is intended to modify the current structure of the Fund to ensure that the Fund will satisfy the definition of "real estate investment trust" in the Tax Act before January 1, 2011, such that the Fund will not be subject to the SIFT tax rules in the Income Tax Act (Canada) (the " SIFT Tax Rules ") after December 31, 2010. 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. 740 King Street WestSuite 3700Toronto, ONM5H 3Y2(416) 687-6700. The public unitholder base for Choice Properties will significantly increase, with approximately 35% of the proforma entity owned widely by the public. CREIT owns a diversified portfolio of retail, industrial and office properties. April 2017. Starlight Group and KSLP7 effected the Unit Acquisitions for investment purposes and to reduce the cost of the acquisition of Northview. 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 and CREIT anticipate that the transaction will be completed in the second quarter of 2018. 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.". CAPREIT owns approximately 56,800 suites, including townhomes and manufactured housing sites, in Canada and, indirectly through its investment in ERES, approximately 5,600 suites in the Netherlands. CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to unitholders. The Trustees and executive officers of CREIT have agreed to vote their units in support of the transaction. 7 (“KSLP7”) announced today that Starlight Group and KSLP7 have acquired 1,016,739 trust units (the “Northview Units”) of Northview Apartment Real Estate Investment Trust (“Northview”) (the “Unit Acquisitions”). Choice Properties and CREIT can give no assurance that such estimates, beliefs and assumptions will prove to be correct. NOI is a supplemental measure of operating performance widely used in the real estate industry. ", 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. 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.". 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. TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Starlight Group Property Holdings Inc. (“Starlight Group”) and KingSett Real Estate Growth LP No. Each Class C LP unit will be valued at $10.00 and the Class B LP units issuable will be valued at the 20-day VWAP of Choice Properties units on the TSX at closing. Centurion Apartment Real Estate Investment Trust (private) (Dividend Info) Equiton Residention Income Fund Trust (private) ( Homepage ) ( Dividend Info ) InterRent REIT ( … 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. Copies of the arrangement agreement, management proxy circular and information statement will be available on SEDAR at www.sedar.com. Northview’s head office is located at 200, 6131- 6th Street SE, Calgary, Alberta T2H 1L9. The combined entity will continue to maintain a stable and prudent capital structure, prioritizing risk management, liquidity and financial flexibility. The proforma entity is expected to have leverage in the range of 45-46% debt to total assets, a debt-to-EBITDA ratio of approximately 8 times and a $11.3 billion pool of unencumbered assets. Closing Date: Nov 1, 1999 lexpert . This follows the approval from holders of both trusts on Aug 14 as well as the High Court’s sanction of the trust … Choice Properties' Board of Trustees has unanimously determined that the transaction is in the best interests of Choice Properties. 7 (“ KSLP7 ”) announced today that Starlight Group … "This transformational acquisition leads to the creation of a real estate investment trust with resilient characteristics and adds value creation opportunities to Choice Properties' existing strong portfolio of retail assets," said Galen G. Weston, Chairman and CEO of Loblaw and GWL. 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. The transaction adds more industrial and office space to Choice Properties’ heavily retail portfolio. September 2020 Highlights. John Morrison, President and CEO of Choice Properties, commented, "We are excited to be creating Canada's leading diversified REIT. The proposed transaction could be modified, restructured or terminated. TORONTO, May 4, 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 the successful completion of the previously announced plan of arrangement (the … The total consideration will consist of approximately 58% in Choice Properties units and 42% in cash. 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. Because investors don’t know upfront just where their money will be used, SPACs are often referred to as blank checks. 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