Crombie REIT (TSX: CRR.UN)
STELLARTON, NS, Sept. 20, 2013 /CNW/ - At the special meeting of unitholders of Crombie Real Estate Investment Trust (TSX: CRR.UN) ("Crombie") held on September 19, 2013, unitholders adopted resolutions approving the proposed acquisition of a portfolio of 68 retail properties, each currently anchored by a Canada Safeway store from Sobeys West Inc., a wholly-owned subsidiary of Sobeys Inc. (the "Acquisition"), and a related $150 million private placement of Class B LP Units of Crombie LP to ECL Developments Ltd., an affiliate of Sobeys Inc. (the "Private Placement"), and also approved an amendment to Crombie's Declaration of Trust, all as more fully described in the Management Information Circular for the special meeting, a copy of which is available at www.sedar.com.
There were 20,325,237 REIT units and 38,430,221 Special Voting Units represented in person or by proxy at the meeting, representing an aggregate of 63.8% of all eligible votes. After excluding votes required to be excluded under applicable securities laws and the rules of the Toronto Stock Exchange, there were 19,138,670 votes in favour of the resolution approving the Acquisition and the Private Placement and 73,877 votes against, representing approval by 99.6% of votes cast. There were 58,712,736 votes in favour of the resolution approving the amendment to Crombie's Declaration of Trust and 42,722 votes against, representing approval by 99.9% of votes cast.
The Acquisition remains subject to regulatory approval and other conditions and is expected to close in the fourth quarter of 2013.
Crombie is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 180 commercial properties across Canada, comprising approximately 14.6 million square feet with a strategy to own and operate a portfolio of primarily high quality grocery and drug store anchored shopping centers and freestanding stores in the top 36 markets or stable or growing trade areas in Canada.
This news release may contain forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "continue", "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward-looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie, and include, without limitation, statements regarding the expected closing date for the Acquisition.
Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements. A number of factors, including those discussed in the Management Discussion and Analysis for the year ended December 31, 2012 under "Risk Management", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct.
SOURCE: Crombie REIT
For further information:
Glenn Hynes, FCA
Chief Financial Officer and Secretary