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Canadian Tire Corporation reports its holdings in CT Real Estate Investment Trust
Canadian Tire Corporation reports its holdings in CT Real Estate Investment Trust ...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation reports its holdings in CT Real Estate Investment Trust\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanadian Tire Corporation reports its holdings in CT Real Estate Investment Trust\nCanada NewsWire\nTORONTO, May 31, 2016\n\n\n\nTORONTO, May 31, 2016 /CNW/ - Canadian Tire Corporation, Limited (\"CTC\") announces today that since the initial public offering of CT Real Estate Investment Trust (the \"REIT\") on October 23, 2013 (the \"IPO\"), it has acquired an additional 2.03% interest in the REIT. \n\nOn May 31, 2016, CT REIT Limited Partnership (the \"Partnership\"), a subsidiary of the REIT, redeemed 200,000 series 2 class C limited partnership units (\"Series 2 Class C Units\") of the Partnership, being all of the Series 2 Class C Units, all of which are held by Canadian Tire Holdings IV Limited Partnership (\"Holdings IV\"), a subsidiary of CTC, for an aggregate redemption price of $200,000,000 (the \"Transaction\"). The Series 2 Class C Units were issued at the time of the IPO and were redeemed in accordance with their terms. The Partnership satisfied the redemption of the Series 2 Class C Units through the issuance to Holdings IV of 13,335,111 class B limited partnership units of the Partnership (the \"Class B Units\") and the equivalent number of special voting units of the REIT (the \"Special Voting Units\"), valued at $14.998 per Class B Unit, which is based on the twenty-day volume weighted average price of units of the REIT (\"Units\") on the Toronto Stock Exchange.  \n\nAs a result of the Transaction, CTC increased its ownership in the aggregate issued and outstanding Class B Units and Units by approximately 1.02%, on a fully diluted basis, and now holds an effective interest in the REIT of approximately 85.16%. Following closing of the IPO, CTC, through certain of its subsidiaries, held a 83.13% effective interest in the REIT.\n\nPrior to the completion of the Transaction, CTC, through certain of its subsidiaries, was the beneficial owner of: (a) 59,711,094 Units; and (b) 103,032,586 Class B Units and the equiva...