(QUEBEC) Cominar Real Estate Investment Trust said Monday it had received approval under the Investment Canada Act to sell its portfolio of industrial properties to Blackstone.
Posted at 5:57 p.m.
The deal is part of a larger deal that saw Cominar agree to be sold to a consortium led by real estate firm Canderel in a deal valued at $5.7 billion including debt.
Under the offer, Cominar unitholders will receive $11.75 for each of their shares.
Cominar expects the transaction to close on the 1er March. It has already been approved by the Superior Court of Quebec in December.
The arrangement includes a divestiture transaction that will see Groupe Mach acquire retail and office properties worth approximately $1.5 billion from Cominar’s portfolio, while Blackstone will acquire on its portfolio of industrial buildings.
In addition, the REIT will make a March 15 distribution of 3 cents per unit to unitholders of record as of February 28.
Cominar’s portfolio is made up of 310 buildings, including office buildings, commercial buildings and industrial buildings in the Montreal, Quebec City and Ottawa regions.