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TORONTO, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of office real estate, announces today that the Scheme of Arrangement1 in respect of the REIT’s Firm Offer2 to acquire all of the issued and outstanding shares of Yew Grove REIT plc (an Irish-incorporated real estate investment trust that is dual-listed on Euronext Dublin (Ireland) and the AIM market of the London Stock Exchange) (“Yew Grove”), for cash consideration of €1.017 per share (the "Proposed Acquisition"), together with certain related matters, were approved today by the High Court of Ireland.
The Proposed Acquisition would see the REIT acquire a portfolio of 23 modern, fit-for-purpose properties, which are located in strong markets across Ireland. 95% of the portfolio's income is secured by investment grade, FDI and government tenants.
The Scheme shall become effective on delivery to the Registrar of Companies of the Court Order and registration of the Court Order by the Registrar of Companies. This is expected to occur on 7 February 2022. Accordingly, the Scheme is expected to take effect on 7 February 2022, at which point the Proposed Acquisition will be completed.
Subject to the Scheme becoming effective on 7 February 2022, trading of Yew Grove shares on Euronext Dublin (Ireland) and AIM will be suspended from 7:30 a.m. (GMT) on 8 February 2022 and cancellation of trading of Yew Grove shares on Euronext Dublin (Ireland) and AIM will, take effect from 7:00 a.m. (GMT) on 9 February 2022.
Upon completion of the Proposed Acquisition, Slate Asset Management will onboard the existing Yew Grove team, which has a strong track record of growth in Ireland and deep local market knowledge and relationships that will enable the REIT’s continued growth in the region.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an owner and operator of office real estate. The REIT owns interests in and operates a portfolio of 32 strategic and well-located real estate assets across Canada's major population centres and includes two assets in downtown Chicago, Illinois. 61% of the REIT’s portfolio is comprised of government or credit rated tenants. The REIT acquires quality assets and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform focused on real estate. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform spans a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enables us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Statements required by the Irish Takeover Rules
The trustees of the REIT accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the trustees of the REIT (who have taken all reasonable care to ensure that this is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. Some of the specific forward-looking statements contained herein include, but are not limited to, statements with respect to the completion of the Proposed Acquisition, the expected timing for completion of the Proposed Acquisition and the suspension and cancellation of trading of Yew Grove shares. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.
For Further Information
+1 416 644 4264
1 Scheme of Arrangement is defined herein as the proposed scheme of arrangement under the Irish Companies Act 2014 to effect the Proposed Acquisition.
2 Firm Offer is defined herein as a firm intention to make an offer under Rule 2.5 of the Irish Takeover Rules.