QUÉBEC CITY, Dec. 23, 2021 /CNW
Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or
the "REIT") (TSX: CUF.UN) today announced that the
Superior Court of Québec has issued a final order approving the
previously announced Plan of Arrangement, pursuant to which all of
Cominar's issued and outstanding Units will be 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 and partnerships managed by Sandpiper Group, and certain
assets of the REIT will be acquired by affiliates of Mach Capital
Inc. and Blackstone Real Estate Services LLC (the
"Arrangement").
The Arrangement remains subject to customary closing
conditions, including Investment Canada Act approval,
as disclosed in the Management Information Circular dated
November 19, 2021. The REIT expects
the transaction to be completed in the first quarter of 2022.
ABOUT COMINAR
Cominar is one of the largest diversified real estate investment
trusts in Canada and is the
largest commercial property owner in the Province of Québec. Our
portfolio consists of 310 high-quality office, retail and
industrial properties, totalling 35.7 million square feet
located in the Montreal, Québec
City and Ottawa areas. Cominar's
primary objective is to maximize total return to Unitholders by way
of tax-efficient distributions and maximizing the Cominar value
through the proactive management of our portfolio. For additional
information, please visit www.cominar.com.
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 with respect to the
rationale of the Special Committee and the Board of Trustees for
entering into the arrangement agreement, the expected benefits of
the Arrangement, the timing of various steps to be completed in
connection with the Arrangement, 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 following factors, many of which are beyond
the REIT's control and the effects of which can be difficult to
predict: (a) the possibility that the proposed Arrangement will not
be completed on the terms and conditions, or on the timing,
currently contemplated, and that it may not be completed at all,
due to a failure to obtain or satisfy, in a timely manner or
otherwise, regulatory approvals and other conditions of closing
necessary to complete the Arrangement or for other reasons; (b)
risks related to tax matters, including as regards the amount of
ordinary income to be distributed by the REIT; (c) the possibility
of adverse reactions or changes in business relationships resulting
from the announcement or completion of the Arrangement; (d) risks
relating to the REIT's ability to retain and attract key personnel
during the interim period; (e) the possibility of litigation
relating to the Arrangement; (f) credit, market, currency,
operational, liquidity and funding risks generally and relating
specifically to the Arrangement, including changes in economic
conditions, interest rates or tax rates; (g) business, operational
and financial risks and uncertainties relating to the COVID-19
pandemic; and (h) other risks inherent to the REIT's business
and/or factors beyond its control which could have a material
adverse effect on the REIT or the ability to consummate the
Arrangement.
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