McCowan and Associates Ltd. (MAA) to purchase all the remaining shares in Partners Real Estate Investment Trust and take the REIT private according to a joint statement.
“With the sale of our Western Canadian properties last year, and sale of our Quebec properties earlier this year, we are pleased to announce the sale of Partners,” said Ian Ross, Chairman of the Board in the announcement last week. The Board believes that the all-cash Transaction provides a significant premium for our Unitholders and recommends that they vote in favour of the Transaction.”
The Independent Committee, comprised of Grant Anthony and Colin Chapin, both of whom are independent trustees of the REIT, after receiving legal and financial advice, has unanimously recommended that the Board approve the agreement.
Partners REIT retained BMO Capital Markets as financial advisor and McCarthy Tétrault LLP is acting as legal counsel in connection with the transaction. Blair Franklin Capital Partners Inc. is acting as independent financial advisor to the independent Committee and Blake, Cassels & Graydon LLP is acting as its legal counsel. Bennett Jones LLP is acting as legal counsel to MAA.
Completion of the transaction is expected to occur later this year. Following the completion of the transaction, the REIT intends to apply to be de-listed from the TSX and to cease to be a reporting issuer in all provinces and territories of Canada.