Business
Edgefront Realty Corp. Completes Conversion into Edgefront REIT
Acquires 10 Industrial Properties from RTL-Westcan TORONTO , Jan. 14, 2014 /CNW/...
About this update from Nexus Industrial Reit
[{"type":"text","content":"\n\n\nAcquires 10 Industrial Properties from RTL-Westcan\n\n\nTORONTO, Jan. 14, 2014 /CNW/ - Edgefront Realty Corp. (the \"Company\")\n (TSXV: ED) announced today that it has effected its plan of arrangement\n transaction (the \"Plan\") pursuant to which, among other things, the\n shareholders of the Company have exchanged their shares for units (the\n \"Units\") of Edgefront Real Estate Investment Trust (the \"REIT\", and\n together with the Company, \"Edgefront\") on the basis of 20 shares for\n every one Unit, and has completed the acquisition (the \"Acquisition\")\n of a portfolio of 10 industrial properties from former affiliates of\n RTL-Westcan Limited Partnership (\"RTL-Westcan\"), namely, Westcan\n Transport Limited Partnership, RTL-Construction Limited Partnership,\n Westcan Bulk Transport Ltd., RTL-Robinson Enterprises Ltd., RW Real\n Estate Holdings Limited Partnership, 1767366 Alberta Ltd., 1253481\n Alberta Ltd., 1770685 Alberta Ltd. and the limited partners of Westcan\n (2013) Limited Partnership (the Plan and the Acquisition herein\n collectively called the \"Transactions\").\n\n\nIt is expected that final approval of the Transactions be granted by the\n TSX Venture Exchange (the \"TSXV\") shortly.  The REIT will be listed as\n a Tier 1 real estate issuer on the TSXV.  It is expected that the Units\n will commence trading on the TSXV on or around Friday, January 17, 2014\n under the symbol \"ED.UN\" concurrently with the delisting of the\n Company's shares from the TSXV.\n\n\nAbout the Transactions\n\n\nThe REIT acquired, indirectly through the purchase of two newly created\n holding companies and a newly created limited partnership, a portfolio\n of 10 industrial properties totaling approximately 435,000 square feet\n of building area on approximately 122 acres of land located in Alberta,\n Saskatchewan, British Columbia and the Northwest Territories for\n $68,000,000 satisfied by way of (i) an initial cash deposit of\n $200,000, (ii) the issuance of $34,000,000 of Units at an issue price\n of $2.00 per unit (or 17,000,000 Units), and (iii) the remainder of\n $33,800,000 from a new five year secured credit facility with Alberta\n Treasury Branches.\n\n\nAs part of the Acquisition, two former subsidiaries of RTL-Westcan,\n which were not acquired by the REIT, have agreed to lease 100% of the\n propertie...