Choice Properties Real Estate Investment Trust Files Information Statement Relating to Combination with Canadian Real Estate Investment Trust

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Files Information Statement Relating to Combination with Canadian 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\n\nCanada NewsWire\nTORONTO, March 15, 2018\n\n\n\nTORONTO, March 15, 2018 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has filed an information statement to provide unitholders with information relating to its proposed combination with Canadian Real Estate Investment Trust (\"CREIT\") previously announced on February 15, 2018. The information statement has been prepared for informational purposes only and you do not need to take any action.\n\nUnder applicable TSX rules, the transaction requires the approval of Choice Properties' unitholders by majority vote, as the number of Choice Properties units to be issued in the transaction exceeds 25% of the total number of outstanding Choice Properties units. Choice Properties expects to issue approximately 183 million units in connection with the transaction. In addition, a maximum of approximately 70.9 million Class B LP units of Choice Properties Limited Partnership are expected to be issued to Loblaw Companies Limited (\"Loblaw\"), Choice Properties' controlling unitholder, in connection with the conversion of Loblaw's Class C LP units of Choice Properties Limited Partnership on closing. Collectively, these issuances would represent approximately 61% of the units and Class B LP units outstanding on a standalone basis before giving effect to the transaction. Loblaw, which holds an approximately 82% voting interest in Choice Properties, has entered into a voting agreement in support of the transaction. The TSX has approved Choice Properties obtaining Choice Properties' unitholder approval by way of Loblaw's written consent, subject to customary conditions.\n\nThe TSX has granted Choice Properties an exemption from the minority unitholder approval requirement that would otherwise technically apply to the conversion of Loblaw's Class C LP units gi...

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