Timbercreek Real Estate Investment Trust Unitholders Approve $182 Million Sale of All Outstanding Units of the Fund
August 25, 2010
Timbercreek Real Estate Investment Trust (“the Fund”) recently announced that unitholders approved an arrangement agreement to purchase all of the outstanding units of the Fund at its annual meeting.
The units will be acquired by means of a Plan of Arrangement by Restier Limited Partnership in exchange for an aggregate net cash payment of $182,715,238.65, and the transaction is expected to close this week. The cost is equivalent to a gross price of $14.45 per unit and represents an approximate 15 per cent premium over the net asset value of the units on March 31, 2010, the last quarter end before the announcement of the acquisition proposal.
“We are pleased to have been able to deliver this significant value to unitholders,” says Blair Tamblyn, CEO of the Fund. “This acquisition validates our strategy of investing in multi-family residential real estate for its ability to deliver stable and reliable cash distributions as well as capital appreciation.”
Timbercreek REIT’s portfolio includes 5,575 residential suites located across seven Canadian central metropolitan areas including Ottawa, London, St. Catharines, Aurora, Windsor, Montreal, Quebec and Halifax.
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