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Montreal-based Canmar Real Estate to buy $213 million in properties

Montreal-based Canmar Real Estate to buy $213 million in properties

 

Montreal’s Canmarc Real Estate Investment Trust, fighting a hostile takeover bid from Quebec City’s Cominar REIT, said Wednesday it plans to buy retail properties in Toronto and Jonquière, Que., and also acquire the 50 per cent of Calgary’s Scotia Centre it does not already own.

The three deals have a value of $213 million and will raise Canmarc’s total leasable office and retail space by 664,357 square feet or 7.6 per cent.

“We’re building a solid footprint of office and retail space in key markets across Canada and making our first investment in Ontario,” CEO Jim Beckerleg said.

The Toronto property is the Woodside Square enclosed community centre and the Marché Jonquière is a renovated strip shopping centre.

Canmarc’s board of trustees has unanimously recommended that unitholders should reject the $15.30-a-unit cash offer from Cominar – which is contesting Canmarc’s unitholder rights plan in court. The bid was to expire Jan. 12 but will be extended after the court decision.