Unitholders Approve Combination of CREIT With Choice Properties

TORONTO, April 11, 2018 (GLOBE NEWSWIRE) -- Canadian Real Estate Investment Trust (“CREIT”) (TSX:REF.UN) is pleased to announce that the combination transaction with Choice Properties Real Estate Investment Trust (“Choice Properties”) pursuant to a plan of arrangement under section 182 of the Business Corporations Act (Ontario) and section 60 of the Trustee Act (Ontario) (the “Arrangement”) was approved by its unitholders (“Unitholders”) at a special meeting (the “Meeting”) of Unitholders on April 11, 2018.

The total number of units of CREIT (“Units”) held by Unitholders present in person or by proxy at the Meeting was 56,370,719 representing in total 76.8% of the issued and outstanding Units. At the Meeting, Unitholders approved the Arrangement, with approximately 97.4% of the votes cast at the Meeting in favour of the Arrangement.

Stephen Johnson, Chief Executive Officer said “We are delighted with the overwhelming positive response received from CREIT’s unitholders in support of this proposed combination transaction.  The combined REIT entity will be well-positioned as an owner, manager and developer of high quality real estate assets.”

CREIT currently expects the Arrangement to close in the second quarter of 2018, subject to satisfaction or waiver of all conditions to closing, including clearance under the Competition Act (Canada). Choice Properties has advised CREIT that it has today obtained the requisite majority approval of Choice Properties unitholders required under applicable TSX rules.

About Canadian Real Estate Investment Trust                                                                                         

CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, industrial, office and residential properties.

Forward-Looking Statements

This press release contains forward-looking statements about the Arrangement. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on CREIT’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The timing and completion of the Arrangement is subject to customary closing conditions, including, without limitation, regulatory and court approvals, and there can be no assurance that any such approvals will be obtained and/or any such conditions will be met. There can be no assurance that the Arrangement will occur or that it will occur on the timetable or on the terms and conditions contemplated in this news release. The Arrangement could be modified, restructured or terminated. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect CREIT’s expectations only as of the date of this release. Numerous risks and uncertainties could cause actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. CREIT disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For further information

Canadian Real Estate Investment Trust

Mario Barrafato
Executive Vice President and Chief Financial Officer
416-628-7872
mbarrafato@creit.ca

For additional information, visit www.creit.ca or www.sedar.com.