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 … CAPREIT is focused on the management of properties, acquisitions and financial management, and reinvest capital within the property portfolio. 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. 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. About Canadian Real Estate Investment Trust. 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]. TD Securities Inc. is acting as financial advisor to Choice Properties and RBC Capital Markets is acting as financial advisor to CREIT. 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. There can be no assurance that the proposed transaction will occur or that the anticipated strategic benefits will be realized. The public unitholder base for Choice Properties will significantly increase, with approximately 35% of the proforma entity owned widely by the public. 7 (“ KSLP7 ”) announced today that Starlight Group … 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. REITs. 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 calculates NOI as rental revenue, excluding straight-line rent, from investment properties less property operating costs. Canadian Real Estate Investment Trust Contested Merger. Transformational combination creates the preeminent diversified REIT in Canada focused on stability, growth of cash flows and value creation through owning, developing and managing one of Canada's largest real estate portfolios. Choice Properties is a Real Estate Investment Trust that owns, manages and develops retail and commercial real estate across Canada. 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. Numerous risks and uncertainties could cause the combined entity's actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: failure to realize anticipated results and strategic benefits; general economic conditions, including changes in interest rates and the rate of inflation; failure of the combined entity to manage growth effectively in accordance with its growth strategy or acquire assets on an accretive basis; changes in timing to obtain municipal approvals, development costs, and tenant leasing and occupancy of properties under development, redevelopment or intensification; changes in competitiveness in the real estate market or the unavailability of desirable commercial real estate assets; the ability to maintain occupancy and to timely lease or re-lease space at current or anticipated rents; tenant bankruptcies, tenant defaults, joint venture and/or co-ownership partner defaults; changes in operating costs and capital expenditures; lack of liquidity of real property and the availability of financing; the inability to make distributions or other payments or advances; the inability of Choice Properties to maintain and leverage its relationship with Loblaw, including in respect of (i) Loblaw's retained interest in Choice Properties, (ii) the services to be provided to Choice Properties (whether directly or indirectly) by Loblaw, (iii) expected transactions to be entered into between Loblaw and Choice Properties (including Choice Properties' acquisition of certain properties held by Loblaw) and (iv) the strategic alliance agreement between Choice Properties and Loblaw dated July 5, 2013; changes in Loblaw's business, activities or circumstances which may impact Choice Properties, including Loblaw's inability to make rent payments or perform its obligations under its leases; and changes in laws or regulatory regimes which may affect the combined entity, including changes in their tax treatment and distributions to unitholders, or the inability of the combined entity to continue to qualify as a "mutual fund trust" and as a "real estate investment trust", as such terms are defined in the Income Tax Act (Canada). 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. ", 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. Since February 19, 2020, 297,239 Northview Units were acquired by Starlight Group pursuant to Northview’s Distribution Reinvestment Program. 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. 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. September 2020 Highlights. "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. 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. 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. 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. 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. A Cision company.Â, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Choice Properties Real Estate Investment Trust. Choice Properties was spun out by Loblaw Cos. Ltd. in 2013 and the grocery chain is its biggest tenant today. 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 The transaction financing has been structured with the intent of maintaining Choice Properties' current "BBB" credit rating. Copies of the arrangement agreement, management proxy circular and information statement will be available on SEDAR at www.sedar.com. The money is held in a trust until a merger or acquisition is identified. 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. 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. Copyright © 2020 CNW Group Ltd. All Rights Reserved. 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. 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 Centurion Apartment Real Estate Investment Trust (private) (Dividend Info) Equiton Residention Income Fund Trust (private) ( Homepage ) ( Dividend Info ) InterRent REIT ( … 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. March posted a total return of … 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. Following the transaction, Loblaw and GWL (TSX:WN) will own approximately 62% and 4% of the proforma entity, respectively. 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. 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. It is also a key input in determining the fair value of the portfolio. Choice Properties and CREIT believe these non-GAAP financial measures provide useful information to both management and investors in measuring financial performance. These committed facilities consist of an $850 million bridge facility that Choice Properties intends to refinance through the issuance of senior unsecured debentures and a $1.25 billion term loan. 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 CREIT Complete Transaction to Create Canada's Preeminent Diversified REIT. Additional information on these and other factors that could affect the operations or financial results of Choice Properties, CREIT or the combined entity are included in reports filed by Choice Properties and CREIT with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Fiona Lam fiolam@sph.com.sg @FionaLamBT. A high-level overview of Canadian Apartment Properties Real Estate Investment Trust (CDPYF) stock. The term loan is structured in tranches maturing in 3, 4 and 5 years. The offering was part of an equity fundraising exercise, announced last month, alongside a private placement that raised about S$800 million. 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. As a result of the Unit Acquisitions, Starlight Group, Mr. Daniel Drimmer, D.D. 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. Looks simple so I am confused. Choice Properties will consider hedging the term loan to manage floating interest rate exposure. Next, the best Canadian real estate investment trusts are those that are growing. Further information regarding the transaction will be included in the management proxy circular expected to be mailed to CREIT unitholders in March 2018. Choice Properties is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties also intends to file an information statement containing further information regarding the transaction. 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. 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. 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. between the Trustees of Canadian Apartment Properties Real Estate Investment Trust, a real estate investment trust created under the laws of Ontario (the “Trust”) and Computershare Investor Services Inc., a company incorporated under the laws of Canada (the “Rights Agent”, which term shall include any successor Rights For non-cultural investments: zero reviewable investment approvals and 82 notifications filed (43 for acquisitions and 39 for establishment of a new Canadian business) Country of origin of investor (non-cultural): U.S. (62 per cent), India (nine per cent), and U.K. (seven per cent) The resulting enterprise will have an 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. To facilitate Choice Properties' financing for the transaction, Loblaw has agreed to convert all of its outstanding Class C LP units of Choice Properties Limited Partnership with a face value of $925 million ("Class C LP units") into Class B LP units of Choice Properties Limited Partnership ("Class B LP units") on closing. 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. 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. As a condition of the exemption, Loblaw will undertake to not exercise its right to vote the special voting units of Choice Properties issued in connection with the Class B LP units, or to exchange or transfer the Class B LP units, until the date on which the Class C units would otherwise have become convertible in accordance with their terms. 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. 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.". Choice Properties' strong alliance with Loblaw positions it well for future growth. 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 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). The REIT’s properties are well located across Canada majorly in the largest markets. 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). This combined entity will be Canada's preeminent diversified REIT. 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 proposed transaction could be modified, restructured or terminated. TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Starlight Group Property Holdings Inc. (“Starlight Group”) and KingSett Real Estate Growth LP No. 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.". CREIT owns a diversified portfolio of retail, industrial and office properties. 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. Together, Choice Properties and CREIT will form Canada's largest REIT with an enterprise value of approximately $16B. Torys LLP is acting as legal counsel to Choice Properties and Blake, Cassels & Graydon LLP is acting as legal counsel to CREIT. 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. 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. 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. 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. About Choice Properties Real Estate Investment Trust. 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. Investment Canada Act. 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. Choice Properties and CREIT can give no assurance that such estimates, beliefs and assumptions will prove to be correct. 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. 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. 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. The combined entity will continue to maintain a stable and prudent capital structure, prioritizing risk management, liquidity and financial flexibility. 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. CAPREIT is one of Canada's largest real estate investment trusts. 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. Loblaw, Choice Properties' controlling unitholder, has entered into a voting agreement in support of the transaction. On February 19, 2020, affiliates of Starlight Group together with affiliates of KSLP7 entered into an arrangement agreement with, among others, Northview, pursuant to which unitholders of Northview will receive cash consideration of $36.25 per Northview Unit by way of a plan of arrangement under the Business Corporations Act (Alberta). Additional income through monthly distributions of roughly 0.41% per month. 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. 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 merger would be structured and implemented by way of an arrangement agreement and plan of arrangement pursuant to the Canada Business Corporations Act. 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. NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES. 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. 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. Montréal. 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. OUE real-estate investment trust (Reit) merger follows Viva-ESR; hope is to create better liquidity in stocks. Choice Properties' portfolio spans approximately 44.1 million sq. Closing Date: Nov 1, 1999 lexpert . "Loblaw and GWL continue to be fully committed to Choice Properties as a strong pillar of growth within the Weston Group of Companies. Recent Canada REIT Merger & Acquisition Activity. 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' principal tenant and largest unitholder is Loblaw, Canada's largest retailer. The transaction adds more industrial and office space to Choice Properties’ heavily retail portfolio. 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. Starlight Group Property Holdings Inc.3280 Bloor Street WestSuite 1400Centre TowerToronto, ONM8X 2X3(416) 234-8444, KingSett Real Estate Growth LP No. A recent spate of mergers in U.S. real estate investment trusts has some investors giving the underperforming sector another look. Choice Properties and CREIT anticipate that the transaction will be completed in the second quarter of 2018. 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. © 2020 GlobeNewswire, Inc. All Rights Reserved. Choice Properties' Board of Trustees has unanimously determined that the transaction is in the best interests of Choice Properties. No shareholder is going to vote against the merger and watch their stock tank to around $40. Industry. 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). Floating interest rate exposure Loblaw Cos. Ltd. in 2013 and the grocery chain is its biggest tenant today 40. The event at ( 416 ) 849-0833 ; access code: 4295779 their units in support the... 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