TORONTO -- Choice Properties Real Estate Investment Trust has signed a deal to acquire Canadian Real Estate Investment Trust (CREIT) for $3.9 billion in cash and stock.
The combination of Choice Properties, which counts Loblaw as its principal tenant and largest unitholder, and CREIT will create a company with a diversified portfolio of 752 properties.
Under the agreement, CREIT unitholders will have the choice of $53.75 in cash or 4.2835 Choice Properties units for each CREIT unit held, subject to limits on the maximum amount of cash and units available.
CREIT units closed at $43.54 on the Toronto Stock Exchange on Wednesday.
Following the deal, Loblaw Companies Ltd. and George Weston Ltd. will own approximately 62 per cent and four per cent of the combined company respectively.
Canadian REIT unitholders will own approximately 27 per cent.
Bagikan Berita Ini
Related Posts :
Gold stocks helped boost TSX as energy sector weighs on Canadian dollar- China looks for free-trade deal with Canada to avoid Norsat controversy
- Molson Coors plans to spend up to $500M to build new Montreal brewery
- Foreign buyer activity in Ontario housing market about 5 per cent: government
- Federal government to widen scope of business innovation fund to cover all sectors
0 Response to "Choice Properties REIT to buy CREIT for $3.9B"
Post a Comment