QUÉBEC CITY,
Feb. 21,
2022 /CNW Telbec/ - Cominar Real Estate Investment
Trust ("Cominar" or the "REIT") (TSX: CUF.UN) today announced the
receipt of the approval under the Investment Canada Act in
respect of the acquisition of Cominar's industrial portfolio by
Blackstone, pursuant to the previously announced plan of
arrangement transaction that was approved by the Superior Court of
Québec on December 23, 2021 (the
"Arrangement").
Accordingly, the REIT announces that the parties to the
Arrangement, pursuant to which all of Cominar's issued and
outstanding units will be acquired for $11.75 per unit in cash by a consortium led by an
affiliate of Canderel Management Inc., have agreed to close the
Arrangement on March 1, 2022, subject
to the satisfaction of customary closing conditions.
The REIT also announces a distribution of $0.03 per unit to unitholders of record as at
February 28, 2022 (the "February
2022 Distribution"). The February
2022 Distribution will be payable on March 15, 2022.
ABOUT COMINAR
Cominar is one of the largest diversified real estate investment
trusts in Canada and is the
largest commercial property owner in the Province of Québec. Our
portfolio consists of 309 high-quality office, retail and
industrial properties, totalling 35.5 million square feet located
in the Montreal, Québec City and
Ottawa areas. Cominar's primary
objective is to maximize total return to Unitholders by way of
tax-efficient distributions and maximizing the Cominar value
through the proactive management of our portfolio. For additional
information, please visit www.cominar.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements made in this news release are forward-looking
statements within the meaning of applicable securities laws,
including, but not limited to, statements the expected closing of
the Arrangement and the timing thereof, and other statements that
are not material facts. Often, but not always, forward-looking
statements can be identified by the use of forward-looking
terminology such as "may", "will", "expect", "believe", "estimate",
"plan", "could", "should", "would", "outlook", "forecast",
"anticipate", "foresee", "continue" or the negative of these terms
or variations of them or similar terminology. Although the REIT
believes that the forward-looking statements in this news release
are based on information and assumptions that are current,
reasonable and complete, these statements are by their nature
subject to a number of factors that could cause actual results to
differ materially from management's expectations and plans as set
forth in such forward-looking statements, including, without
limitation, the time necessary, and ability, to satisfy the
remaining customary conditions to closing of the Arrangement.
Readers are cautioned not to place undue reliance on the
forward-looking statements and information contained in this news
release. Cominar disclaims any obligation to update any
forward-looking statements contained herein, whether as a result of
new information, future events or otherwise, except as required by
law.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST