Canderel led consortium to buy Cominar Real Estate Investment Trust

QUEBEC — Cominar Real Estate Investment Trust has signed an agreement to be acquired by a consortium led by Quebec real estate firm Canderel Real Estate Property Inc. in a deal with an enterprise value of $5.7 billion.

Under the deal, the consortium will pay $11.75 in cash per unit for the trust.

Cominar units closed up two cents at $10.36 on Friday.

The sale concludes a strategic review process launched by Cominar last year.

In connection with the transaction, Group Mach Acquisition Inc. will acquire some of Cominar’s retail and office properties for approximately $1.5 billion and Blackstone will buy Cominar’s industrial portfolio.

The deal is expected to close in the first quarter of 2022, subject to Cominar unitholder, court and required regulatory approvals as well as customary closing conditions.

This report by The Canadian Press was first published Oct. 25, 2021.

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