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Inovalis Real Estate Investment Trust announces Special Meeting of Unitholders to be held on January 20, 2016
Inovalis Real Estate Investment Trust announces Special Meeting of Unitholders to be held ...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust announces Special Meeting of Unitholders to be held on January 20, 2016\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\nInovalis Real Estate Investment Trust announces Special Meeting of Unitholders to be held on January 20, 2016\nCanada NewsWire\nTORONTO, Dec. 30, 2015\n\n\n\n/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Dec. 30, 2015 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX:INO.UN) announced today that it has filed and mailed an information circular in connection with a Special Meeting of Unitholders to be held on January 20, 2016.  Two items of business will be considered at the Special Meeting.\n\nFor the first item of business to be considered at the Special Meeting, Unitholders will be asked to approve an amendment to the REIT's Declaration of Trust to increase the maximum allowable indebtedness of the REIT from 55% of the REIT's gross book value (or 60% of gross book value including convertible debentures) to 60% of the REIT's gross book value (without reference to convertible debentures).\n\nFor the second item of business to be considered at the Special Meeting, Unitholders will be asked to approve the potential acquisition of the property located at 35 rue Grenata, 75002 Paris, France (the \"Metropolitan Property\").  As previously disclosed in November 2014, the REIT extended a loan to Inovalis S.A. to purchase the Metropolitan Property (the \"Acquisition Loan\"), as at that time the Metropolitan Property did not meet the investment criteria of the REIT.  Also as previously disclosed, the Acquisition Loan included a right of first opportunity in favour of the REIT to purchase the Metropolitan Property at a discount to the market price once the Metropolitan Property met the investment criteria of the REIT.  The Metropolitan Property now meets the investment criteria of the REIT and the REIT now intends to exercise the right of first opportunity pursuant to the Acquisition Loan to purchase the Metropolitan Property...