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ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED PRIVATIZATION OF COMINAR REIT
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED PRIVATIZATIO...
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[{"type":"text","content":"\n \n \n \n ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED PRIVATIZATION OF COMINAR REIT\n \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 Canada NewsWire\n \n \n \n \n \n WINNIPEG, MB\n \n ,\n \n March 1, 2022\n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) announced today the closing of the previously announced plan of arrangement transaction (the \"Arrangement\"), pursuant to which all of the issued and outstanding units of Cominar Real Estate Investment Trust (\"Cominar\") were acquired for\n \n $11.75\n \n per unit in cash by a consortium led by an affiliate of Canderel Management Inc., and including Artis, partnerships managed by Sandpiper Group, and FrontFour Capital Group LLC.\n \n \n \n \n \n \n \n \n \n \"This is a milestone transaction in the implementation of our Business Transformation Plan and is reflective of the nature of investment that we are pursuing to build long-term value for our unitholders,\" said\n \n Samir Manji\n \n , President and Chief Executive Officer of Artis. \"Since announcing this transaction last October, our conviction in the intrinsic value of Cominar's real estate portfolio and the corresponding value creation we will achieve for our unitholders has only strengthened. At the same time, through the active collaboration we've had with our consortium partners, we have seen first-hand the valuable contribution each of our partners bring to the table.\"\n \n \n Artis contributed\n \n $212.0 million\n \n to the Arrangement, including\n \n $112.0 million\n \n to acquire common equity units (representing approximately 32.64% of the total common equity units in the newly formed entity) and\n \n $100.0 million\n \n to acquire junior preferred units that carry a distribution rate of 18.0% per annum. As part of the consideration, Artis contributed its existing Cominar units, which had a fair value of\n \n $13.4 million\n \n as at\n \n December 31, 2021\n \n . Sandpiper Group contributed\n \n $56.0 million\n \n to the Arrangement, representing 16.32% of the common e...