Canderel-led consortium to acquire Canada's Cominar in $4.6 bln deal (updated)

RFA Financial

25/10/2021 02:48

(Adds details on deal and background)
    Oct 24 (Reuters) - Cominar Real Estate Investment Trust
 CUF_u.TO  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  AX_u.TO  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.
  
    ($1 = 1.2371 Canadian dollars)

 (Reporting by Ann Maria Shibu and Akriti Sharma in Bengaluru;
Editing by Rashmi Aich and Sherry Jacob-Phillips)
 ((AnnMaria.Shibu@thomsonreuters.com; +1 646 223 8780;  + 91 80
6749 2795;))