MONTREAL, March 27, 2017 /CNW Telbec/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust ("Nobel REIT" or the "REIT") is pleased to announce the results of the REIT's special meeting of unitholders held earlier today (the "Meeting").
A combined total of 9,848,703 trust units and special voting units (collectively, the "Units") were represented at the Meeting, or 93.59% of the issued and outstanding voting securities of the REIT. All Units were voted in favour of the only item of business before the Meeting, which was the approval of the proposed transaction with Edgefront Real Estate Investment Trust ("Edgefront REIT") anticipated to be completed on or about April 3, 2017.
Edgefront REIT also held a special meeting of its Unitholders today and 95.77% of all units voted at the meeting or represented by proxy voted in favour of the proposed transaction.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "With the approval by both Nobel REIT's and Edgefront REIT's unitholders, we can now move forward and complete the merger announced on February 14; to that effect, Nobel REIT will be seeking final court approval in respect of the proposed arrangement on March 31, 2017. Effective on the closing of the transaction, we will operate under the name of Nexus Real Estate Investment Trust. We are confident that our unitholders will benefit from the value creation opportunities that will be realized through a broader and more diversified asset portfolio of approximately 2.1 million square feet spread over 36 investment properties across Canada. Finally, I would like to thank the Nobel Trustees who, from the beginning, have contributed to the implementation of a quality portfolio".
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. Nobel REIT has been created for the purpose of acquiring and owning income producing properties. The REIT focuses on acquiring commercial retail, mixed-used retail, industrial and office properties in the primary markets in the Province of Québec and Canada. Nobel REIT currently owns, in whole or in part, directly or indirectly, sixteen properties located in Québec, comprising more than 869,000 square feet of gross leasable area.
About Edgefront REIT
Edgefront REIT is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 20 properties comprising approximately 1,180,000 square feet of rentable area.
Disclaimer – Safe Harbour Forward–Looking Statements
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nobel REIT to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nobel Real Estate Investment Trust
For further information: Louis Lemire, CPA, CA, Chief Financial Officer, Nobel Real Estate Investment Trust, 2045 rue Stanley, Suite 1200, Montreal, QC, H3A 2V4, Tel. : 514-840-9339