COURT APPROVES PLAN OF ARRANGEMENT FOR ACQUISITION OF COMINAR

QUÉBEC CITY, Dec. 23, 2021 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) today announced that the Superior Court of Québec has issued a final order approving the previously announced Plan of Arrangement, pursuant to which all of Cominar's issued and outstanding Units will be acquired for $11.75 per Unit in cash by a consortium led by an affiliate of Canderel Management Inc., and including FrontFour Capital Group LLC, Artis Real Estate Investment Trust and partnerships managed by Sandpiper Group, and certain assets of the REIT will be acquired by affiliates of Mach Capital Inc. and Blackstone Real Estate Services LLC (the "Arrangement"). 

The Arrangement remains subject to customary closing conditions, including Investment Canada Act approval, as disclosed in the Management Information Circular dated November 19, 2021. The REIT expects the transaction to be completed in the first quarter of 2022.

ABOUT COMINAR

Cominar is one of the largest diversified real estate investment trusts in Canada and is the largest commercial property owner in the Province of Québec. Our portfolio consists of 310 high-quality office, retail and industrial properties, totalling 35.7 million square feet located in the Montreal, Québec City and Ottawa areas. Cominar's primary objective is to maximize total return to Unitholders by way of tax-efficient distributions and maximizing the Cominar value through the proactive management of our portfolio. For additional information, please visit www.cominar.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to the rationale of the Special Committee and the Board of Trustees for entering into the arrangement agreement, the expected benefits of the Arrangement, the timing of various steps to be completed in connection with the Arrangement, and other statements that are not material facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology.

Although the REIT believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond the REIT's control and the effects of which can be difficult to predict: (a) the possibility that the proposed Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, regulatory approvals and other conditions of closing necessary to complete the Arrangement or for other reasons; (b) risks related to tax matters, including as regards the amount of ordinary income to be distributed by the REIT; (c) the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Arrangement; (d) risks relating to the REIT's ability to retain and attract key personnel during the interim period; (e) the possibility of litigation relating to the Arrangement; (f) credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates or tax rates; (g) business, operational and financial risks and uncertainties relating to the COVID-19 pandemic; and (h) other risks inherent to the REIT's business and/or factors beyond its control which could have a material adverse effect on the REIT or the ability to consummate the Arrangement.

Readers are cautioned not to place undue reliance on the forward-looking statements and information contained in this news release. Cominar disclaims any obligation to update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE COMINAR REAL ESTATE INVESTMENT TRUST

Investors: Kingsdale Advisors, 1-855-682-2031 or collect outside North America at 416-867-2272, email at [email protected]; Cominar Real Estate Investment Trust, Sylvain Cossette, President and Chief Executive Officer, [email protected]; French-Language Media: Simon Poitras, [email protected], [phone]; English-Language Media: Boyd Erman, [email protected], [phone]