Crombie REIT (TSX: CRR.UN)
STELLARTON, NS, Sept. 20, 2013 /CNW/ – At the special meeting of
unitholders of Crombie Real Estate Investment Trust (TSX: CRR.UN)
("Crombie") held on September 19, 2013, unitholders adopted resolutions
approving the proposed acquisition of a portfolio of 68 retail
properties, each currently anchored by a Canada Safeway store from
Sobeys West Inc., a wholly-owned subsidiary of Sobeys Inc. (the
"Acquisition"), and a related $150 million private placement of Class B
LP Units of Crombie LP to ECL Developments Ltd., an affiliate of Sobeys
Inc. (the "Private Placement"), and also approved an amendment to
Crombie's Declaration of Trust, all as more fully described in the
Management Information Circular for the special meeting, a copy of
which is available at www.sedar.com.
There were 20,325,237 REIT units and 38,430,221 Special Voting Units
represented in person or by proxy at the meeting, representing an
aggregate of 63.8% of all eligible votes. After excluding votes
required to be excluded under applicable securities laws and the rules
of the Toronto Stock Exchange, there were 19,138,670 votes in favour of
the resolution approving the Acquisition and the Private Placement and
73,877 votes against, representing approval by 99.6% of votes cast.
There were 58,712,736 votes in favour of the resolution approving the
amendment to Crombie's Declaration of Trust and 42,722 votes against,
representing approval by 99.9% of votes cast.
The Acquisition remains subject to regulatory approval and other
conditions and is expected to close in the fourth quarter of 2013.
About Crombie
Crombie is an unincorporated, open-ended real estate investment trust
established under, and governed by, the laws of the Province of
Ontario. Crombie currently owns a portfolio of 180 commercial
properties across Canada, comprising approximately 14.6 million square
feet with a strategy to own and operate a portfolio of primarily high
quality grocery and drug store anchored shopping centers and
freestanding stores in the top 36 markets or stable or growing trade
areas in Canada.
This news release may contain forward-looking statements that reflect
the current expectations of management of Crombie about Crombie's
future results, performance, achievements, prospects and opportunities.
Wherever possible, words such as "continue", "may", "will", "estimate",
"anticipate", "believe", "expect", "intend" and similar expressions
have been used to identify these forward-looking statements. These
statements reflect current beliefs and are based on information
currently available to management of Crombie, and include, without
limitation, statements regarding the expected closing date for the
Acquisition.
Readers are cautioned that such forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from these statements. Crombie can give no assurance
that actual results will be consistent with these forward-looking
statements. A number of factors, including those discussed in the
Management Discussion and Analysis for the year ended December 31, 2012
under "Risk Management", could cause actual results, performance,
achievements, prospects or opportunities to differ materially from the
results discussed or implied in the forward-looking statements. These
factors should be considered carefully and a reader should not place
undue reliance on the forward-looking statements. There can be no
assurance that the expectations of management of Crombie will prove to
be correct.
SOURCE Crombie REIT