WINNIPEG and RICHMOND, BC, Jan. 1 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) and IAT Air Cargo Facilities Income Fund ("IAT") (TSX: ACF.UN) announced today the completion of the combination of HREIT and IAT (the "Combination") in accordance with the terms of the combination agreement dated August 17, 2009, as amended by amending agreements dated October 27, 2009 and November 24, 2009 (the "Combination Agreement"). Pursuant to the Combination, all of the issued and outstanding trust units of IAT ("IAT Units") were exchanged for trust units of HREIT ("HREIT Units") on the basis of 9.75 HREIT Units for each IAT Unit held. Certain holders of IAT Units who are resident in the United States or whose IAT Units are beneficially owned by a resident of the United States will receive cash in lieu of HREIT Units, as provided in the Combination Agreement and in the joint information circular (the "Information Circular") of HREIT and IAT dated November 5, 2009.
Final documentation has been filed with the Toronto Stock Exchange (the "TSX"). The IAT Units are expected to continue to trade on the TSX until January 6, 2010 and will represent the right to receive HREIT Units, or, in the case of certain holders of IAT Units who are resident in the United States or whose IAT Units are beneficially owned by a resident of the United States, the right to receive cash in lieu thereof, in accordance with the Combination Agreement and the Information Circular.
As disclosed in the Information Circular, HREIT's new management team is comprised of Mr. Zachary R. George, who will serve as President and Chief Executive Officer, Mr. Sandeep Manak, who will serve as Chief Financial Officer, and Mr. Patrick Kryzcka, who will serve as Chief Operating Officer. Until such time as the services agreement between HREIT and Shelter Canadian Properties Limited ("Shelter") terminates, Shelter will assist in the transitioning of the asset management to the new management team.
HREIT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns, directly or indirectly, 85 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities on ground leased land at five of Canada's leading international airports, that have a total gross leaseable area of 5.7 million square feet; two land parcels held for development and one property held for sale, with other development and expansion opportunities within the portfolio. HREIT also owns CRESI, Inc., a property management business.
This news release contains certain forward-looking statements. These statements, which can be identified by the use of the word "expected" and similar words, involve various risks and uncertainties. These forward-looking statements represent expectations of HREIT and IAT as of the date hereof, and are subject to change after such date. HREIT and IAT disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE IAT AIR CARGO FACILITIES INCOME FUND
For further information: For further information: Zachary R. George, Trustee, President and Chief Executive Officer, Tel: (604) 249-5119, Fax: (604) 249-5101, Email: firstname.lastname@example.org; Gary Goodman, Trustee, Tel: (416) 929-0108, Fax: (416) 646-2673, Email: email@example.com