TORONTO, March 21, 2019 /CNW/ - European Commercial Real
Estate Investment Trust (TSX-V:ERE.UN, "ECREIT") is pleased
to announce the positive outcome of voting at the special meeting
(the "Meeting") of holders ("Unitholders") of trust
units and special voting units (collectively, the "Voting
Units") held earlier today. At the Meeting, Unitholders
overwhelmingly approved, among other things, the previously
announced indirect acquisition (the "Acquisition") from
Canadian Apartment Properties Real Estate Investment Trust
(TSX:CAR.UN, "CAPREIT") of a portfolio of multi-residential
properties located in the
Netherlands comprising 2,091 suites in 41 properties, as
more particularly described in ECREIT's management information
circular dated February 22, 2019 (the
"Circular") and the supplement thereto dated March 11, 2019 (the
"Supplement").
The Acquisition is expected to close on March 29, 2019, or such other date as ECREIT and
CAPREIT may determine.
Approval of Acquisition
The Unitholders who were entitled to vote and were present in
person or represented via proxy at the Meeting, voted as follows on
the resolution to approve the Acquisition:
Number of Voting
Units
|
Percentage of
Votes Cast
|
For
|
Against
|
For
|
Against
|
7,120,330
|
2,764
|
99.96%
|
0.04%
|
Approval of Amendments to the Declaration of Trust
The Unitholders who were entitled to vote and were present in
person or represented via proxy at the Meeting, voted as follows on
the resolution to approve the amendments to ECREIT's declaration of
trust, which are described in the Circular filed on SEDAR at
www.sedar.com:
Number of Voting
Units
|
Percentage of
Votes Cast
|
For
|
Against
|
For
|
Against
|
6,558,121
|
564,973
|
92.07%
|
7.93%
|
Approval of Fixing the Number of Trustees
The Unitholders who were entitled to vote and were present in
person or represented via proxy at the Meeting, voted as follows on
the resolution to fix the number of trustees of the REIT (the
"Trustees") at six:
Number of Voting
Units
|
Percentage of
Votes Cast
|
For
|
Against
|
For
|
Against
|
7,120,330
|
2,764
|
99.96%
|
0.04%
|
Approval of Election of New Trustees
The Unitholders who were entitled to vote and were present in
person or represented via proxy at the Meeting, voted as follows
with respect to the election of Harold
Burke, Gina Cody and
Michael Stein as new Trustees,
effective and conditional upon the completion of the
Acquisition:
Nominees
|
Number of
Voting Units
|
Percentage of
Votes Cast
|
|
For
|
Against
|
Withheld /
Abstain
|
For
|
Against
|
Withheld /
Abstain
|
Harold
Burke
|
7,104,311
|
0
|
18,783
|
99.74%
|
0.00%
|
0.26%
|
Gina Cody
|
7,106,211
|
0
|
16,883
|
99.76%
|
0.00%
|
0.24%
|
Michael
Stein
|
7,109,386
|
0
|
13,708
|
99.81%
|
0.00%
|
0.19%
|
It is expected that following the closing of the Acquisition,
existing Trustees Ira Gluskin,
Jan Arie Breure and Phillip Burns will continue as Trustees of the
REIT.
About ECREIT
ECREIT is an unincorporated, open-ended real estate investment
trust. ECREIT's units are listed on the TSX Venture Exchange (the
"TSX-V") under the symbol ERE.UN. For more information,
please visit our website at www.ECREIT.com.
About CAPREIT
As one of Canada's largest
residential landlords, CAPREIT is a growth-oriented investment
trust owning interests in 53,143 residential units, comprised of
45,446 residential suites and 45 manufactured home communities
comprising 7,697 land lease sites, located in and near major urban
centres across Canada and
the Netherlands. Since its Initial
Public Offering in May 1997, CAPREIT
has grown monthly cash distributions per Unit by 93%. For more
information about CAPREIT, its business and its investment
highlights, please refer to our website at www.caprent.com or
www.capreit.net and our public disclosure, which can be found
under our profile at www.sedar.com.
Cautions Regarding Future Plans and Forward Looking
Information
Certain statements contained in this press release constitute
forward-looking statements within the meaning of applicable
Canadian securities laws which reflect ECREIT's current
expectations and projections about future results. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "outlook", "objective", "may",
"will", "expect", "intent", "estimate", "anticipate", "believe",
"consider", "should", "plans", "predict", "estimate", "potential",
"could", "likely", "approximately", "scheduled", "forecast",
"variation" or "continue", or similar expressions suggesting future
outcomes or events. The forward-looking statements made in this
press release relate only to events or information as of the date
on which the statements are made in this press release. Actual
results and developments are likely to differ, and may differ
materially, from those expressed or implied by the forward-looking
statements contained in this press release. Such forward-looking
statements are based on a number of assumptions that may prove to
be incorrect.
Except as specifically required by applicable Canadian
securities law, ECREIT does not undertake any obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date on which the statements are made or to reflect the occurrence
of unanticipated events. These forward-looking statements should
not be relied upon as representing ECREIT's views as of any date
subsequent to the date of this press release. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Completion of each of the Acquisition, the acquisition of
additional properties pursuant to the Pipeline Agreement (as such
term is defined in the Circular) and the issuance of any securities
as consideration for any such potential acquisition under the
Pipeline Agreement, is subject to a number of conditions, including
but not limited to, acceptance by the TSX-V and, if applicable,
disinterested Unitholder approval. There can be no assurance that
the Acquisition and the acquisition of additional properties
pursuant to the Pipeline Agreement will be completed as proposed or
at all.
Investors are cautioned that, except as disclosed in the
Circular and the Supplement, any information released or received
with respect to the Acquisition may not be accurate or complete and
should not be relied upon.
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) have in no way passed
upon the merits of the proposed Acquisition and have neither
approved nor disapproved the contents of this news release.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of ECREIT.
SOURCE European Commercial Real Estate Investment Trust
(ECREIT)