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Primaris REIT with H&R REIT and KingSett Capital Led Consortium Announces Amended Transaction Offering Superior Value to Primaris Unitholders
New Offer Made by H&R REIT and KingSett Capital Led Consortium Highlights of...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nNew Offer Made by H&R REIT and KingSett Capital Led Consortium\n\n\nHighlights of the Amended Transaction \n\n\n\nAn increase in aggregate consideration to Primaris unitholders comprised\n of a cash election of $28.00 per Primaris unit (total cash\n consideration of $1.28 billion increased from $700 million in the\n previous H&R/Primaris transaction); or a unit election of 1.166 H&R\n Units per Primaris unit (increased from 1.13 in the previous\n H&R/Primaris transaction)\n\n\nThe value of total consideration received (assuming full proration) will\n be $27.98 per Primaris unit, consisting of $12.58 in cash and 0.642 H&R\n Units (valued at $15.40 based on H&R's 20-day VWAP ended January 15,\n 2013, the last trading day prior to the previously announced\n H&R/Primaris transaction)\n\n\nAn increase in cash consideration, facilitated by the inclusion of the\n KingSett Capital led consortium, represents approximately 45 percent of\n total consideration and provides additional liquidity for Primaris\n unitholders\n\n\nH&R is acquiring Primaris' operating platform together with 25 shopping\n centres (including Primaris' Alberta acquisitions announced on February\n 1, 2013) valued in the aggregate at approximately $3.1 billion, at an\n overall 5.6 percent capitalization rate. A complete list of the asset\n allocation for the transaction is included as appendix to this news\n release\n\n\nKingSett Capital led consortium will acquire the remaining 18 properties\n in the Primaris portfolio valued at approximately $1.9 billion\n\n\nThe Amended and Restated Arrangement has received unanimous approval by\n the Boards of Trustees of both H&R and Primaris\n\n\nThe previously announced offer by KS Acquisition II LP has been\n withdrawn and affiliates of KingSett Capital owning approximately 7\n percent of Primaris units outstanding have agreed to support the\n amended transaction\n\n\nThere will be no acquisition, disposition or property management fees\n payable to H&R's property manager in connection with this transaction\n\n\n\nInvestor presentation is available at http://www.hr-reit.com and http://www.primarisrealvalue.com/\n\n\nTORONTO, Feb. 5, 2013 /CNW/ - H&R Real Estate Investment Trust and H&R\n Finance Trust (collectively \"H&R\") (TSX:  HR.UN) and Primaris Ret...