Minto Apartment REIT Announces Unitholder Approval in Connection with Acquisition of High Park Village

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[{"type":"text","content":"\n\n\n\nMinto Apartment REIT Announces Unitholder Approval in Connection with Acquisition of High Park Village\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, July 24, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES/\n OTTAWA, July 24, 2019 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the \"REIT\") today announced that, in connection with its previously announced acquisition of a 40% interest in the High Park Village apartment complex in Toronto (the \"Acquisition\") from Minto Properties Inc. (\"MPI\"), it has obtained consents from disinterested unitholders of the REIT holding, in the aggregate, more than 50% of the REIT's issued and outstanding units (excluding voting interests held by MPI) approving the Acquisition. \nThe aggregate purchase price for the Acquisition of approximately $131.2 million will be satisfied by:\nThe assumption of 40% of an existing approximately $98.7 million mortgage term loan that matures April 1, 2026 and bears interest of 3.375%; The issuance of $55 million (2,806,122) in Class B limited partner units of Minto Apartment Limited Partnership to MPI, at a price of $19.60 per Class B limited partner unit, representing a premium of 1.3% based on the 5-day volume weighted average price of REIT units on July 15, 2019, the date the Acquisition was originally announced. Class B limited partner units are exchangeable for units of the REIT on a one-for-one basis and also include the issuance of one special voting unit of the REIT for each Class B limited partner unit that is issued; and The REIT's existing revolving credit facility. Please refer to the press release of the REIT dated July 15, 2019 for additional information concerning the Acquisition.  \nImmediately prior to entering into the Acquisition, MPI held an aggregate approximately 45.8% indirect interest in the REIT (including all exchangeable Class B limited partner units) and will hold an aggregate approximately 49% indirect ownership interest in ...

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