August 4, 2017 / 12:57 PM / in 3 years

BRIEF-OneREIT to be privatized in a transaction valued at $1.1 bln​

Aug 4 (Reuters) - OneREIT

* OneREIT - ‍OneREIT to be privatized in a transaction valued at $1.1b​

* OneREIT - ‍OneREIT’s board of trustees unanimously recommends that unitholders vote in favour of transaction​

* OneREIT - Consideration for transaction is comprised of cash and smartreit units that value onereit units at $4.26 per unit on a fully prorated basis

* OneREIT - ‍Consideration will be comprised of approximately $305 million of cash and approximately $75 million of SmartREIT units to be issued under transaction​

* OneREIT -‍ Mitchell Goldhar, all class B LP unitholders into support agreements to vote onereit voting units owned or controlled by them in favour of deal

* OneREIT - ‍Mitchell Goldhar directly or indirectly owns or exercises control over approximately 18% of outstanding onereit units​

* OneREIT - ‍On redemption of their co units, unitholders to elect to get $4.275/unit in cash, or units of smartreit representing $4.20/per co unit​

* OneREIT - ‍Also entered into an arrangement agreement with SmartREIT for a court ordered plan of arrangement​

* OneREIT - ‍An all-cash break fee of $6.75 million will be payable to each of SmartREIT and Strathallen in certain circumstances​

* OneREIT - Co, unit onr limited partnership, entered agreement with strathallen involving puchase from onr of 44 properties for $703.5 million​

* oneREIT -‍ Proceeds from Strathallen deal, cash on hand to be used to satisfy redemption price of OneREIT units being redeemed for cash, to pay deal costs

* OneREIT - ‍OneREIT has suspended until further notice its distribution reinvestment plan effective after distribution payable on August 15, 2017​ Source text for Eikon: Further company coverage:

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