TORONTO, Feb. 20, 2014 /CNW/ - FAM Real Estate Investment Trust (TSX: F.UN) (TSX: F.WT) ("FAM REIT") announces today that in response to the announcement by Huntingdon Capital Corp. ("Huntingdon") that it would commence a strategic review, FAM REIT has appointed a special committee comprised of its independent trustees and chaired by Gary Samuel, FAM REIT's lead independent trustee. The committee's mandate is to evaluate the impact on FAM REIT of the strategic review commenced by Huntingdon and if advisable, to respond to such review.
While Huntingdon undertakes its strategic review, FAM REIT expects to continue to carry on normal operations with Huntingdon acting as its manager. Huntingdon has assured FAM REIT of its continued sponsorship of FAM REIT and commitment to the management of FAM REIT during its review.
FAM REIT understands that Huntingdon has an approximate 29% equity interest in FAM REIT through the ownership of FAM REIT units and exchangeable Class B LP units of a FAM REIT subsidiary. Huntingdon is also the manager of FAM REIT and has granted to FAM REIT a right of first offer on Huntingdon's industrial, office and retail properties pursuant to a right of first offer agreement dated December 28, 2012.
About FAM Real Estate Investment Trust
FAM REIT is a diversified commercial real estate investment trust focused on owning and acquiring strategically well-located office, industrial and retail real estate located primarily across Canada's large population centres.
This press release contains forward-looking information within the meaning of applicable securities legislation, including statements regarding FAM REIT's financial position, which reflects FAM REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a. number of risks and uncertainties, including capital market and interest rate volatility, many of which are beyond FAM REIT's control, that could cause actual results and events to differ materially from those that are disclosed in.or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, FAM REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: FAM Real Estate Investment Trust
For further information:
Chairman, Special Committee