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MISSISSAUGA,
ON, May 27, 2016 /CNW/ -
R&R Real Estate Investment Trust (the "REIT") (TSXV: RRR.UN)
today announced receipt of final acceptance from the TSX Venture
Exchange (the "TSXV") of the REIT's notice of intention to make a
normal course issuer bid ("NCIB"). Under the NCIB, the REIT
will have the ability to purchase for cancellation up to a maximum
of 1,000,000 Units on the open market, representing approximately
1.21% of the outstanding Units (after giving effect to the exchange
of outstanding Class B units of subsidiary limited partnerships of
the REIT).
The NCIB will commence on June 1, 2016 and remain in effect until the
earlier of May 31, 2017 or the date
on which the REIT has purchased the maximum number of Units
permitted under the NCIB. Purchases of Units under the NCIB
will be made in accordance with TSXV by-laws, rules and policies
through the facilities of the TSXV, or through other permitted
means (including through other published markets). The Units
so purchased will be cancelled. The price paid for any
repurchased units will be the market price of such Units at the
time of acquisition. Raymond James Ltd. is conducting the NCIB on
behalf of the REIT.
The REIT believes that its outstanding Units
represent an attractive investment, and the ongoing purchase of its
outstanding Units may increase unitholder value and constitutes a
desirable use of the REIT's funds.
To the REIT's knowledge, none of the trustees,
officers or other insiders of the REIT or any associate of any such
persons, or any associate or affiliate of the REIT currently
intends to sell Units to the REIT during the course of the
NCIB.
The REIT has purchased 41,000 Units at an average
price of $0.14 per Unit pursuant to a
normal course issuer bid previously approved by the TSXV in
February 2015, and which expired on
March 2, 2016.
About R&R REIT
R&R REIT is an open-ended real estate
investment trust focused on increasing unitholder value through the
acquisition and ownership of hotel properties located in
the United States.
SOURCE R&R Real Estate Investment Trust