These measures do not have a standard meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measurers presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP. The proposed transaction is subject to approval under the Competition Act and by the TSX and the fulfillment of certain conditions, and there can be no assurance that any such approvals will be obtained and/or any such conditions will be met. The resulting enterprise will have an Torys LLP is acting as legal counsel to Choice Properties and Blake, Cassels & Graydon LLP is acting as legal counsel to CREIT. A Cision company.Â, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Choice Properties Real Estate Investment Trust. A playback will be made available two hours after the event at (416) 849-0833; access code: 4295779. Choice Properties and CREIT believe these non-GAAP financial measures provide useful information to both management and investors in measuring financial performance. The total consideration will consist of approximately 58% in Choice Properties units and 42% in cash. John Morrison, President and CEO of Choice Properties, commented, "We are excited to be creating Canada's leading diversified REIT. The Unit Acquisitions made on the Toronto Stock Exchange were made in accordance with Northview’s waiver of a standstill agreement as announced by Northview on March 23, 2020. The offering was part of an equity fundraising exercise, announced last month, alongside a private placement that raised about S$800 million. To access the conference call via webcast, a link is available at www.choicereit.ca in the "Events and Webcast" section under "News and Events". 7 (“KSLP7”) announced today that Starlight Group and KSLP7 have acquired 1,016,739 trust units (the “Northview Units”) of Northview Apartment Real Estate Investment Trust (“Northview”) (the “Unit Acquisitions”). Lead Office. No shareholder is going to vote against the merger and watch their stock tank to around $40. Choice Properties plans to issue a maximum of approximately 70.9 million units upon the conversion and, if required, to pay any shortfall in value on closing in cash. Under applicable TSX rules, the transaction also requires the approval of Choice Properties' unitholders by majority vote, as the number of Choice Properties units to be issued in the transaction exceeds 25% of the total number of outstanding Choice Properties units. Northview’s head office is located at 200, 6131- 6th Street SE, Calgary, Alberta T2H 1L9. Investment Canada Act. CREIT unitholders will have the ability to choose whether to receive $53.75 in cash or 4.2835 Choice Properties units for each CREIT unit held, subject to proration. CREIT's Board of Trustees has unanimously (other than Trustees who have abstained from voting or recused themselves) determined that the transaction is in the best interest of CREIT and CREIT unitholders and is unanimously recommending that CREIT unitholders vote in favour of the transaction. In addition to unitholder and court approvals, the transaction is subject to compliance with the Competition Act and certain other closing conditions customary in transactions of this nature. This expanded pipeline includes potential to capitalize on an established retail development and intensification program and to leverage joint venture partnerships to access attractive sites to fuel additional development. The resulting enterprise will have industry leading operating and development capabilities as well as an unparalleled diversified portfolio comprising 752 properties with 69 million square feet of GLA. "Loblaw and GWL continue to be fully committed to Choice Properties as a strong pillar of growth within the Weston Group of Companies. About Choice Properties Real Estate Investment Trust. Starlight Group Property Holdings Inc.3280 Bloor Street WestSuite 1400Centre TowerToronto, ONM8X 2X3(416) 234-8444, KingSett Real Estate Growth LP No. Acquisitions Partnership, DD Naples Partnership, Drimmer Holdings Ltd., Green-Starlight LP, MS Naples Partnership, Mustang DDAP Partnership, Mustang-Master LP, PD Kanco LP, Red-Starlight LP, Yellow-Starlight LP, DF Naples Partnership, DF Acquisitions Ltd. and LD Naples Partnership (each of which has a head office at 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON M8X 2X3) (collectively, “Starlight”) and KSLP7 (which has a head office at 40 King Street West, Suite 3700, Toronto, ON M5H 3Y2) increased their aggregate beneficial ownership of Northview Units to 10,428,696 Northview Units or 15.42%% of the total outstanding Northview Units (on a non-diluted basis). Following the transaction, Loblaw and GWL (TSX:WN) will own approximately 62% and 4% of the proforma entity, respectively. Closing Date: Nov 1, 1999 lexpert . This press release uses the following non-GAAP measures: NOI (Net Operating Income). As previously reported on the System for Electronic Disclosure by Insiders (SEDI), 719,500 Northview Units were acquired on the Toronto Stock Exchange between September 11 and 16, 2020 for aggregate cash consideration of $24,453,418.26, at prices between $33.67 and $33.99 per Northview Unit. The arrangement agreement provides that CREIT is subject to non-solicitation provisions and provides that the Board of Trustees of CREIT may, under certain circumstances, terminate the agreement in favour of an unsolicited superior proposal, subject to payment of a termination fee of $95 million to Choice Properties and subject to a right of Choice Properties to match the superior proposal in question. The Proposed Transaction is intended to modify the current structure of the Fund to ensure that the Fund will satisfy the definition of "real estate investment trust" in the Tax Act before January 1, 2011, such that the Fund will not be subject to the SIFT tax rules in the Income Tax Act (Canada) (the " SIFT Tax Rules ") after December 31, 2010. You want to make sure when a REIT issues units to make acquisitions (which is common in the sector because REITs pay out so much of their income) that the deal is accretive to shareholders. On February 19, 2020, affiliates of Starlight Group together with affiliates of KSLP7 entered into an arrangement agreement with, among others, Northview, pursuant to which unitholders of Northview will receive cash consideration of $36.25 per Northview Unit by way of a plan of arrangement under the Business Corporations Act (Alberta). This press release for Choice Properties and CREIT contains forward-looking statements about the proposed acquisition by Choice Properties of CREIT. The combined REIT is in an enviable position with more than 60 sites prime for creating exciting residential-focused mixed-use communities, many of which are in close proximity to public transportation where people want to live, work, play and shop. Capital Structure and Transaction Financing. TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Starlight Group Property Holdings Inc. (“Starlight Group”) and KingSett Real Estate Growth LP No. Choice Properties was spun out by Loblaw Cos. Ltd. in 2013 and the grocery chain is its biggest tenant today. Choice Properties' principal tenant and largest unitholder is Loblaw, Canada's largest retailer. Choice Properties is an owner, manager and developer of well-located retail and commercial real estate across Canada. Copyright © 2020 CNW Group Ltd. All Rights Reserved. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions. February 2018 Canadian Real Estate Investment Trust agreed to be purchased by Choice Properties Real Estate Investment Trust, the real estate arm of Loblaw Companies Limited. The primary benefit is a reliable and, over time, increasing monthly cash distribution. More information regarding these non-GAAP measures and a reconciliation of each to the nearest IFRS financial measure is available in Choice Properties' most recent management's discussion and analysis filed on SEDAR (www.sedar.com). For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see Northview’s profile on SEDAR at www.sedar.com. © 2020 GlobeNewswire, Inc. All Rights Reserved. Choice Properties' strong alliance with Loblaw positions it well for future growth. It is also a key input in determining the fair value of the portfolio. Transformational combination creates the preeminent diversified REIT in Canada focused on stability, growth of cash flows and value creation through owning, developing and managing one of Canada's largest real estate portfolios. Two Canadian REITs complete merger into Nexus REIT Earlier this week, Edgefront Real Estate Investment (TSXV: ED.UN) and Nobel Real Estate Investment Trust (TSXV: NEL.UN) announced the completion of its deal to enter into a diversified merger. Loblaw, Choice Properties' controlling unitholder, has entered into a voting agreement in support of the transaction. NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES. Choice Properties intends to maintain its current distribution of $0.74 per unit on an annual basis. Assuming leadership roles at Choice Properties will be Mr. Stephen Johnson, as President and Chief Executive Officer, Mr. Rael Diamond, as Chief Operating Officer, and Mr. Mario Barrafato, as Chief Financial Officer. The money is held in a trust until a merger or acquisition is identified. The transaction financing has been structured with the intent of maintaining Choice Properties' current "BBB" credit rating. As a result of the Unit Acquisitions, Starlight Group, Mr. Daniel Drimmer, D.D. Together, Choice Properties and CREIT will form Canada's largest REIT with an enterprise value of approximately $16B. CAPREIT is focused on the management of properties, acquisitions and financial management, and reinvest capital within the property portfolio. Choice Properties and CREIT Complete Transaction to Create Canada's Preeminent Diversified REIT. TORONTO, Feb. 15, 2018 /CNW/ - Choice Properties Real Estate Investment Trust (TSX:CHP.UN, "Choice Properties") and Canadian Real Estate Investment Trust (TSX:REF.UN, "CREIT") today announced an agreement pursuant to which Choice Properties will acquire all of CREIT's assets and assume all of its liabilities, including long-term debt and all residual liabilities. Centurion Apartment Real Estate Investment Trust (private) (Dividend Info) Equiton Residention Income Fund Trust (private) ( Homepage ) ( Dividend Info ) InterRent REIT ( … Using the Choice Properties closing unit price on February 14, 2018 of $12.49, this represents $53.61 per CREIT unit, which is a 23.1% premium to the CREIT closing unit price on February 14, 2018. CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to unitholders. Looks simple so I am confused. Choice Properties also intends to file an information statement containing further information regarding the transaction. Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) is a Canada-based open-ended real estate investment trust. TD Securities Inc. is acting as financial advisor to Choice Properties and RBC Capital Markets is acting as financial advisor to CREIT. OUE real-estate investment trust (Reit) merger follows Viva-ESR; hope is to create better liquidity in stocks. There can be no assurance that the proposed transaction will occur or that the anticipated strategic benefits will be realized. Choice Properties' Board of Trustees has received an opinion from its financial advisor, TD Securities Inc., that as of the date thereof and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be paid by Choice Properties to CREIT unitholders pursuant to the transaction is fair, from a financial point of view, to Choice Properties. 740 King Street WestSuite 3700Toronto, ONM5H 3Y2(416) 687-6700. Starlight Group and KSLP7 effected the Unit Acquisitions for investment purposes and to reduce the cost of the acquisition of Northview. Further information regarding the transaction will be included in the management proxy circular expected to be mailed to CREIT unitholders in March 2018. THE trust scheme of arrangement for the merger of OUE Commercial Real Estate Investment Trust (C-Reit) and OUE Hospitality Trust (H-Trust) on Wednesday morning became effective and binding. NOI is a key performance indicator, as it evaluates the results of the portfolio and represents a measure over which management has control. The total top or bottom line isn’t nearly as important as per unit metrics. Canadian Apartment Properties Real Estate Investment Trust Company Profile. H&R REIT (TSX: HR.UN) is one of Canada’s largest fully internalized real estate investment trusts with total assets of approximately $13.3 billion at September 30, 2020. This will increase liquidity for the proforma Choice Properties units, which is expected to make them eligible for inclusion in relevant indices. The balance of the portfolio is diversified by high quality industrial assets (14% of NOI) and office assets (8% of NOI) located in Canada's largest markets. Choice Properties' Board of Trustees has unanimously determined that the transaction is in the best interests of Choice Properties. CREIT's outstanding unsecured debentures will become debentures of Choice Properties on closing, ranking equally with existing Choice Properties unsecured debentures, and will remain outstanding. TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Starlight Group Property Holdings Inc. (“ Starlight Group ”) and KingSett Real Estate Growth LP No. CREIT's Board of Trustees has received an opinion from its financial advisor, RBC Capital Markets, that as of the date thereof and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by unitholders of CREIT pursuant to the transaction is fair, from a financial point of view, to unitholders of CREIT. 7 (“ KSLP7 ”) announced today that Starlight Group … The TSX has granted Choice Properties an exemption from the minority unitholder approval requirement that would otherwise technically apply to the conversion given that the number of Class B LP units to be issued to Loblaw exceeds 10% of the total number of outstanding units of Choice Properties (including Class B LP units/special voting units) on a standalone basis before giving effect to the transaction and the conversion of the Class C LP units is being accelerated to facilitate the financing of the transaction. As a condition of the exemption, Loblaw will undertake to not exercise its right to vote the special voting units of Choice Properties issued in connection with the Class B LP units, or to exchange or transfer the Class B LP units, until the date on which the Class C units would otherwise have become convertible in accordance with their terms. To facilitate Choice Properties' financing for the transaction, Loblaw has agreed to convert all of its outstanding Class C LP units of Choice Properties Limited Partnership with a face value of $925 million ("Class C LP units") into Class B LP units of Choice Properties Limited Partnership ("Class B LP units") on closing. H&R REIT has ownership interests in a North American portfolio of high quality office, retail, industrial and residential properties comprising over 40 million square feet. The transaction will be carried out by way of a court-approved plan of arrangement and will require the approval of at least 66 2/3% of the votes cast by the unitholders of CREIT at a special meeting expected to take place in April 2018. Choice Properties and CREIT can give no assurance that such estimates, beliefs and assumptions will prove to be correct. CREIT unitholders resident in Canada who receive cash generally will receive capital gains treatment on the redemption of their CREIT units. CREIT will then redeem all of its outstanding units for an aggregate of $22.50 in cash and 2.4904 Choice Properties units per CREIT unit, on a fully prorated basis. Prior to the Unit Acquisitions, Starlight and KSLP7 were deemed to beneficially own an aggregate of 9,411,957 Northview Units representing 13.92% of all outstanding Northview Units (on a non-diluted basis). Choice Properties and CREIT disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. September 2020 Highlights. The combined entity will continue to maintain a stable and prudent capital structure, prioritizing risk management, liquidity and financial flexibility. ft. of GLA and consists of 546 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. CREIT owns a diversified portfolio of retail, industrial and office properties. Together, the combined REIT is uniquely positioned to deliver results for unitholders as the owner, manager and developer of a high quality portfolio of diversified assets.". The consolidated development pipeline presents meaningful value creation opportunities. The REIT’s properties are well located across Canada majorly in the largest markets. between the Trustees of Canadian Apartment Properties Real Estate Investment Trust, a real estate investment trust created under the laws of Ontario (the “Trust”) and Computershare Investor Services Inc., a company incorporated under the laws of Canada (the “Rights Agent”, which term shall include any successor Rights Next, the best Canadian real estate investment trusts are those that are growing. Numerous risks and uncertainties could cause the combined entity's actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: failure to realize anticipated results and strategic benefits; general economic conditions, including changes in interest rates and the rate of inflation; failure of the combined entity to manage growth effectively in accordance with its growth strategy or acquire assets on an accretive basis; changes in timing to obtain municipal approvals, development costs, and tenant leasing and occupancy of properties under development, redevelopment or intensification; changes in competitiveness in the real estate market or the unavailability of desirable commercial real estate assets; the ability to maintain occupancy and to timely lease or re-lease space at current or anticipated rents; tenant bankruptcies, tenant defaults, joint venture and/or co-ownership partner defaults; changes in operating costs and capital expenditures; lack of liquidity of real property and the availability of financing; the inability to make distributions or other payments or advances; the inability of Choice Properties to maintain and leverage its relationship with Loblaw, including in respect of (i) Loblaw's retained interest in Choice Properties, (ii) the services to be provided to Choice Properties (whether directly or indirectly) by Loblaw, (iii) expected transactions to be entered into between Loblaw and Choice Properties (including Choice Properties' acquisition of certain properties held by Loblaw) and (iv) the strategic alliance agreement between Choice Properties and Loblaw dated July 5, 2013; changes in Loblaw's business, activities or circumstances which may impact Choice Properties, including Loblaw's inability to make rent payments or perform its obligations under its leases; and changes in laws or regulatory regimes which may affect the combined entity, including changes in their tax treatment and distributions to unitholders, or the inability of the combined entity to continue to qualify as a "mutual fund trust" and as a "real estate investment trust", as such terms are defined in the Income Tax Act (Canada). The proforma information set forth in this press release should not be considered to be what the actual financial position or other results of operations would have necessarily been had Choice Properties and CREIT operated as a single combined entity as, at, or for the periods stated. Senior management of Choice Properties and CREIT will be available to discuss the details of the transaction. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through accretive acquisitions, strategic development and active property management. For non-cultural investments: zero reviewable investment approvals and 82 notifications filed (43 for acquisitions and 39 for establishment of a new Canadian business) Country of origin of investor (non-cultural): U.S. (62 per cent), India (nine per cent), and U.K. (seven per cent) These committed facilities consist of an $850 million bridge facility that Choice Properties intends to refinance through the issuance of senior unsecured debentures and a $1.25 billion term loan. The Class C LP units are convertible by their terms into Class B LP units commencing in 2027 and the conversion of the Class C LP units on closing of the transaction will be effected in accordance with those terms. Each Class C LP unit will be valued at $10.00 and the Class B LP units issuable will be valued at the 20-day VWAP of Choice Properties units on the TSX at closing. The merger would be structured and implemented by way of an arrangement agreement and plan of arrangement pursuant to the Canada Business Corporations Act. estate a long-term core business and transform Choice Properties into the premier diversified real estate investment trust in Canada. The transaction adds more industrial and office space to Choice Properties’ heavily retail portfolio. Tweet . Choice Properties and CREIT will host an investor conference call and webcast on February 15, 2018 at 8am EDT, (647) 427-7450 or (888) 231-8191. CAPREIT owns approximately 56,800 suites, including townhomes and manufactured housing sites, in Canada and, indirectly through its investment in ERES, approximately 5,600 suites in the Netherlands. On February 14, 2017, Nobel Real Estate Investment Trust (“Nobel”) and Edgefront Real Estate Investment Trust (“Edgefront”) jointly announced their merger to create a $300 million diversified REIT. "This transformational acquisition leads to the creation of a real estate investment trust with resilient characteristics and adds value creation opportunities to Choice Properties' existing strong portfolio of retail assets," said Galen G. Weston, Chairman and CEO of Loblaw and GWL. Choice Properties and CREIT anticipate that the transaction will be completed in the second quarter of 2018. Choice Properties is a Real Estate Investment Trust that owns, manages and develops retail and commercial real estate across Canada. The retail portfolio (78% of NOI) is focused on necessity based retailers (85% of the retail assets) and provides a solid foundation of stable and growing cash flows. A recent spate of mergers in U.S. real estate investment trusts has some investors giving the underperforming sector another look. Choice Properties will finance the cash portion of the transaction with committed credit facilities fully underwritten by TD Securities totaling $3.6 billion. This follows the approval from holders of both trusts on Aug 14 as well as the High Court’s sanction of the trust … Choice Properties' expanded diversified real estate portfolio, anchored by Canada's largest retailer, will provide unitholders of both Choice Properties and CREIT the opportunity to capitalize on the future growth and value creation opportunities of this strategic transaction. This press release contains forward-looking statements concerning: the combined entity's financial position; growth prospects of the combined entity; certain strategic benefits of the transaction; intensification and development opportunities; management and governance of the combined entity; conversion of Loblaw's Class C LP units into Class B LP units on closing and related matters; the timing of the CREIT's unitholders meeting and publication of related unitholder materials; the timing of publication of Choice Properties' information statement; the expected completion date of the proposed transaction; the anticipated tax treatment of the proposed transaction for CREIT unitholders; leverage of the combined entity following closing of the transaction; and the combined entity's anticipated future results and development opportunities. And developer of well-located retail and commercial real estate growth LP no be included in the or. 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