Restier Limited Partnership to buy Timbercreek Real Estate Investment Trust for $182.7 Million
August 10, 2010
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Timbercreek Real Estate Investment Trust (‘the Fund’) recently announced that it has entered into a definitive arrangement agreement with Restier Limited Partnership for the acquisition of all of the outstanding units of the Fund by Restier in exchange for an aggregate net cash payment to unitholders of $182,715,328.65. The total equates to a gross transaction price per unit of $14.45.
Timbercreek Asset Management, the manager of the Fund, previously announced that it had received an expression of interest from a Canadian institutional investor to explore a potential arrangement with the Fund. At the same time, the board of trustees of the Fund (the ‘Board’) appointed a special committee of independent trustees (the ‘Special Committee’) to consider the expression of interest. Based on the Special Committee’s recommendation, which was further supported by a fairness opinion issued by Grant Thorton LLP, the Board has unanimously determined that the proposed transaction is fair and in the best interest of the Fund’s unitholders. Accordingly the board has approved the proposed transaction and unanimously recommended that unitholders vote in its favour.
The Board has called an ‘annual and special meeting’ of unitholders to be held on August 18th at the Park Hyatt in Toronto. The unitholders will be asked to consider the proposed transaction, and if appropriate, to approve an arrangement to give effect to the proposed transaction.
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