Melcor REIT Announces Unitholder Approval of $80.875 Million of Property Acquisitions
EDMONTON, AB–(Marketwired – January 10, 2018) –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES.
Melcor Real Estate Investment Trust (TSX: MR.UN) (the “REIT”) announced today that unitholders approved, in accordance with the requirements of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions (“MI 61-101″), the purchase (the “Melcor Acquisition”) of five commercial properties from Melcor Developments Ltd.. As the Melcor Acquisition was considered a “related party transaction” under MI 61-101, the REIT was required to obtain the prior approval of the Melcor Acquisition by a majority of the minority unitholders. The Melcor Acquisition is expected to close on January 12, 2018.
About Melcor REIT
The REIT is an unincorporated, open-ended real estate investment trust. The REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties. Its portfolio is currently made up of interests in 37 properties representing approximately 2.71 million square feet of gross leasable area located across Alberta, Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.
This press release contains “forward-looking information” as defined under applicable Canadian securities law (“forward-looking information” or “forward-looking statements”) which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. Statements other than statements of historical fact contained in this press release may be forward-looking information. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to: the closing of the Melcor Acquisition and the expected terms and closing dates thereof. The REIT has based these forward-looking statements on its current expectations and assumptions about future events, which may prove to be incorrect.
When relying on forward looking statements to make decisions, readers are cautioned not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and do not take into account the effect of transactions or other items announced or occurring after the statements are made. All forward-looking information in this press release speaks as of the date of this press release. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. The REIT does not undertake any obligation to update any such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.