OneREIT to be privatized
On August 4, 2017, as an outcome of its strategic review process previously announced in June 2016, OneREIT announced that it entered into separate agreements with Smart Real Estate Investment Trust ("SmartREIT") and Strathallen Acquisitions Inc. ("Strathallen"), an affiliate of Strathallen Capital Corp., to acquire all of OneREIT's assets and assume all of its liabilities, including long-term debt and all residual liabilities, whereupon OneREIT will redeem all of its publicly traded units, in a transaction valued at C$1.13 billion.
OneREIT's board of trustees, based on the recommendation of a special committee of independent trustees, unanimously recommended (excluding interested trustees) unitholders vote in favour of the transaction.
OneREIT is an unincorporated, open-end real estate investment trust with more than C$1 billion of total assets. It owns and manages 56 properties across 10 provinces and territories in Canada covering 7 million square feet.
SmartREIT is one of Canada's largest real estate investment trusts with total assets of approximately C$8.9 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centres.
Strathallen Capital is a fully integrated Canadian real estate management company.
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