PROPOSED COMBINATION OF CREIT AND CHOICE PROPERTIES

CANADIAN REAL ESTATE INVESTMENT TRUST AND CHOICE PROPERTIES ARE PROPOSING TO COMBINE TO FORM CANADA'S PREEMINENT DIVERSIFIED REIT

  • Choice Properties will acquire all of CREIT's assets and assume all of its liabilities, including long-term debt and all residual liabilities (other than certain credit facilities of CREIT that will be repaid in connection with the transaction).
     
  • CREIT will redeem all of its outstanding units for an aggregate of $22.50 in cash and 2.4904 units of Choice Properties per CREIT unit on a fully prorated basis. Based on the Choice Properties unit closing price of $12.49 as of February 14, 2018 this represents $53.61 per CREIT unit which is a 23.1% premium to the CREIT unit closing price on February 14, 2018.
     
  • Unitholders will have the ability to choose whether to receive $53.75 in cash or 4.2835 Choice Properties units for each CREIT unit held, subject to proration. Canadian resident Unitholders who receive Choice Properties units as consideration for CREIT units will receive their Choice Properties units on a tax-deferred "roll-over" basis for Canadian federal income tax purposes.

     
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Registered Unitholders - Vote online at: www.astvotemyproxy.com
Beneficial Unitholders - Vote online at: www.proxyvote.com

Votes and Letter of Transmittal and Election Forms must be received by 5:00 pm (Toronto time) on April 9, 2018 or such earlier date as required by your intermediary.

Beneficial holders will be provided with instructions from their brokers in due course on how to make an election with respect to the form of consideration such holder wishes to receive for their Units.  If you have any questions relating to this process, please contact Laurel Hill Advisory Group.


Meeting Information

April 11, 2018
10:00 am (Toronto time)

1 King Street West
2nd Level, Grand Banking Hall
Toronto, Ontario M5H 1A1

Unitholder Questions

Please Contact CREIT's Proxy Solicitor at:
Laurel Hill Advisory Group
Toll Free: 1-877-452-7184
Outside North America:
416-304-0211
Email: assistance@laurelhill.com

Related News Releases

April 11, 2018 - Unitholders Approve Combination of CREIT With Choice Properties

April 03, 2018 - Canadian Real Estate Investment Trust Announces Extension of Election Deadline for Unitholders in Connection With the Plan of Arrangement

March 26, 2018 - Two Leading Proxy Advisory Firms, ISS and Glass Lewis, Recommend that CREIT Unitholders Vote FOR the Plan of Arrangement with Choice Properties Real Estate Investment Trust

March 15, 2018 - Canadian Real Estate Investment Trust Files Proxy Materials for Unitholders’ Meeting to Approve Plan of Arrangement

February 15, 2018 - Choice Properties And Canadian Real Estate Investment Trust Combine To Form Canada’s Largest Reit In A $6.0 Billion Transaction