Cominar Real Estate Investment Trust said late Sunday it had entered into an agreement to be acquired by a consortium led by Canderel Real Estate Property Inc for C$5.7 billion ($4.61 billion).
Stockholders of the Quebec City-based property trust will receive C$11.75 per share in cash, representing a premium of 13.4% to Cominar’s close on Friday. The consortium consists of Montreal-based real-estate owner Canderel, FrontFour Capital Group, Artis Real Estate Investment Trust and partnerships managed by Sandpiper Group.
If a deal comes through, the consortium will retain Cominar’s office and retail portfolio, while the retail and office assets will be sold to Canada’s Group Mach Acquisition Inc.
The transaction is expected to close in the first quarter of 2022, according to the statement.
Source: Reuters.com