QUÉBEC CITY, March 1, 2022 /CNW
Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the
"REIT") (TSX: CUF.UN) today announced the closing of the plan of
arrangement transaction, pursuant to which all of Cominar's issued
and outstanding units (the "Units") were acquired for $11.75 per Unit in cash by a consortium led by an
affiliate of Canderel Management Inc., and including FrontFour
Capital Group LLC, Artis Real Estate Investment Trust ("Artis"),
partnerships managed by Sandpiper Group, and Koch Real Estate
Investments, LLC ("KREI"), with KREI and Artis also providing
preferred equity (the "Arrangement").
As part of the Arrangement, an affiliate of Mach Capital Inc.
acquired certain of the REIT's office and retail properties and
Blackstone acquired the REIT's industrial portfolio.
As part of the Arrangement, Cominar's existing trustees resigned
and were replaced by Alex Avery,
Renzo Barazzuol, Navdeep Gill, Stephen
Loukas, Samir Manji,
Brett Miller, Ben Rodney, Ryan
Ross and Jonathan Wener.
As a result of the completed transaction, the Units of the REIT
are expected to be delisted from the Toronto Stock Exchange (the
"TSX") at the close of trading no later than March 4, 2022.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements made in this news release are forward-looking
statements within the meaning of applicable securities laws,
including, but not limited to, statements the expected delisting of
the Units of the REIT and the timing thereof, and other statements
that are not material facts. Often, but not always, forward-looking
statements can be identified by the use of forward-looking
terminology such as "may", "will", "expect", "believe", "estimate",
"plan", "could", "should", "would", "outlook", "forecast",
"anticipate", "foresee", "continue" or the negative of these terms
or variations of them or similar terminology. Although the REIT
believes that the forward-looking statements in this news release
are based on information and assumptions that are current,
reasonable and complete, these statements are by their nature
subject to a number of factors that could cause actual results to
differ materially from management's expectations and plans as set
forth in such forward-looking statements, including, without
limitation, the possibility that the Units will not be delisted
from the TSX in accordance with the timing currently contemplated,
and that the Units may not be delisted at all, due to a failure to
satisfy, in a timely manner or otherwise, conditions necessary to
delist the Units from the TSX or for other reasons. Readers are
cautioned not to place undue reliance on the forward-looking
statements and information contained in this news release. Cominar
disclaims any obligation to update any forward-looking statements
contained herein, whether as a result of new information, future
events or otherwise, except as required by law.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST
