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Artis REIT Announces Participation in Investor Group to Acquire Cominar REIT in All-Cash Transaction
Artis REIT Announces Participation in Investor Group to Acquire Cominar REIT in All-Cash ...
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[{"type":"text","content":"\n \n \n \n Artis REIT Announces Participation in Investor Group to Acquire Cominar REIT in All-Cash Transaction\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 Oct. 24, 2021\n \n /CNW/ - Artis Real Estate Investment Trust (\"Artis\" or the \"REIT\") (TSX: AX.UN) announced today that a consortium led by Canderel Real Estate Property Inc. and including Artis, partnerships managed by the Sandpiper Group, and FrontFour Capital Group LLC (the \"Consortium\") has, through a newly-formed entity, entered into an arrangement agreement to acquire Cominar Real Estate Investment Trust (\"Cominar\"), with Cominar unitholders, other than certain Cominar unitholders that are members of the Consortium, receiving consideration of\n \n $11.75\n \n in cash per unit, (the \"Transaction\"). The Consortium intends to retain portions of Cominar's retail portfolio, as well as components of Cominar's office portfolio, and has entered into agreements to sell Cominar's industrial portfolio to Blackstone and a portfolio comprised of certain of Cominar's retail and office assets to the Group Mach. Koch Real Estate Investments, LLC, and Artis will also be providing preferred equity for the Transaction.\n \n \n \n \n \n \n \n \n \n The Transaction, which is expected to close in the first quarter of 2022, has been recommended by both the Board of Trustees of Cominar and its Special Committee and remains subject to the approval of Cominar unitholders, court and required regulatory approvals and customary closing conditions.\n \n \n Artis has committed a total of up to\n \n $214 million\n \n to the Transaction, which includes participation in multiple aspects of the Consortium's overall capital structure, including\n \n $100 million\n \n of junior preferred units that carry a distribution rate of 18% per annum and up to\n \n $114 million\n \n in common equity units.\n \n \n \"This transaction is an important step in implementing the next phase of our new vision and strategy,\" said\n \n Samir Manji\n \n , President and Chief...