Artis REIT Announces Participation in Investor Group to Acquire Cominar REIT in All-Cash Transaction
WINNIPEG, MB , Oct. 24, 2021 /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 $11.75 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.
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