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BRIEF-Edgefront, Nobel announce merger to create $300 mln diversified REIT

Published 2017-02-14, 09:43 a/m
© Reuters. BRIEF-Edgefront, Nobel announce merger to create $300 mln diversified REIT

Feb 14 (Reuters) - Edgefront Real Estate Investment Trust ED_u.V :

* Edgefront and Nobel announce merger to create a $300 million diversified REIT poised for growth

* Edgefront Real Estate Investment Trust - upon completion of merger, combined company is expected to be renamed Nexus Real Estate Investment Trust

* Edgefront Real Estate Investment Trust - arrangement is expected to occur on a tax-deferred rollover basis for Canadian residents

* Edgefront Real Estate Investment Trust - deal expected to be accretive to affo per unit for first year following transaction

* Edgefront Real Estate Investment Trust - unitholders of nobel REIT will receive, for each trust unit of nobel REIT held , 1.67 trust units of Edgefront

* Edgefront Real Estate Investment Trust - sees immediate synergies with reduction in G&A costs after deal

* Edgefront REIT - Kelly Hanczyk, Jean Teasdale will assume leadership of Nexus REIT and be appointed co-chief executive officers of combined company

* Edgefront Real Estate Investment Trust - Robert Chiasson will become chief financial officer of combined company

* Edgefront Real Estate Investment Trust - Triwest has entered into a voting support agreement supporting arrangement

* Edgefront - board of trustees of Nexus will be comprised of two co-CEOs, three nominees from Edgefront REIT and two nominees from Nobel REIT

* Edgefront Real Estate Investment Trust- board of trustees of Nobel REIT, Edgefront REIT have unanimously approved arrangement Source text for Eikon: ID:nCCN166QHF Further company coverage: ED_u.V

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