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Choice Properties REIT Welcomes Canadian Real Estate Investment Trust Unitholders' Approval of Arrangement Transaction
TORONTO, April 11, 2018 /CNW/ - Choice Properties Real Estate Investment Trust (TSX:CHP.UN, "Choice Properties") welcomed the decision by unitholders of Canadian Real Estate Investment Trust (TSX:REF.UN, "CREIT") to approve the plan of arrangement relating to the combination transaction of Choice Properties and CREIT (the "Arrangement") at a special meeting of CREIT unitholders held earlier today.
The Arrangement, whereby Choice Properties will acquire all of CREIT's assets and assume all of its liabilities (other than certain credit facilities of CREIT that will be repaid in connection with the Arrangement), was approved by approximately 97.4% of the votes cast by CREIT's unitholders. A copy of the complete report on voting is available on SEDAR under CREIT's issuer profile.
"We are pleased that the combination of CREIT with Choice Properties has received overwhelming support of CREIT's unitholders," said John Morrison, President and CEO of Choice Properties. "This combination will form Canada's preeminent diversified REIT and enhances Choice Properties' long-term growth potential. Together, the combined REIT's best-in-class operating platform will capitalize on an unmatched pipeline of opportunities to create long-term value for all stakeholders."
Choice Properties expects the Arrangement to close in the second quarter of 2018, subject to the satisfaction or waiver of all conditions to closing, including clearance under the Competition Act (Canada).
About Choice Properties Real Estate Investment Trust
Choice Properties is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties' portfolio spans approximately 44.1 million sq. 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. 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. Choice Properties' strong alliance with Loblaw positions it well for future growth.
About Canadian Real Estate Investment Trust
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 primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, industrial, office and residential properties.
Certain statements in this news release are forward-looking information within the meaning of applicable securities legislation, but not limited to, statements relating to the expected closing date of the Arrangement and certain strategic benefits expected to result from the Arrangement. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties' and CREIT's control that could cause actual results and events to differ materially from those that are disclosed or implied by such forward-looking information. There can be no assurance that the Arrangement will occur or that the anticipated strategic benefits will be realized. The Arrangement is subject to various regulatory approvals, including approvals under the Competition Act (Canada) and 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 do not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust, Kim Lee, Vice President, Investor Relations and Business Intelligence, (416) 324-7899, kim.lee@choicereit.ca