Mach to acquire ~$1.5B of retail and office properties from Cominar

QUÉBEC CITY, Oct. 24, 2021 /CNW Telbec/ – Cominar Real Estate Investment Trust (“Cominar” or the “REIT“) (TSX: CUF.UN) today announced that it has entered into an arrangement agreement (the “Arrangement Agreement“) to be acquired by Iris Acquisition II LP (the “Purchaser“), an entity created by a consortium led by Canderel Real Estate Property Inc. (“Canderel“), a leading Québec real estate owner and operator, and including FrontFour Capital Group LLC (“FrontFour“), Artis Real Estate Investment Trust (“Artis“), and partnerships managed by the Sandpiper Group (“Sandpiper“) (the “Transaction“). In addition, Koch Real Estate Investments, LLC (“KREI“), and Artis are providing preferred equity for the Transaction. The Transaction is to be carried out by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the “Plan of Arrangement“). In connection with the Transaction, Group Mach Acquisition Inc. (“Mach“) will acquire approximately $1.5 billion of retail and office properties as part of the Plan of Arrangement.