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Real Estate Investment Trust Charter
TORONTO, ONTARIO–(June 4, 2010) – Charter Real Estate Investment Trust (“Charter”) has been advised by C.A. Bancorp Inc. (“CAB”) that the previously announced transaction between CAB and IGW Public Limited Partnership, an affiliate of League Assets Corp. whereby IGW Public LP has agreed to purchase the 6,047,095 units of Charter held by CAB (the “CAB Units”), representing approximately 33% of all of the issued and outstanding units of Charter has been completed.
Under the terms of the agreement, CAB has sold the CAB Units to IGW Public LP for a price equal to $1.45 per unit.
As previously announced, the management agreement dated March 27, 2007 between Charter and C.A. Realty Management Inc. (a wholly owned subsidiary of CAB) has been terminated and Charter has entered into a management agreement with LAPP Global Asset Management Corp. (“LAPP”), a subsidiary of IGW Public LP. The terms of the management agreement with LAPP are on substantially similar terms to the existing management agreement with CARM. CAB has agreed to provide certain transitional services to League and Charter until August, 2010.
In connection with the sale of the CAB Units, Ari Silverberg has resigned as the Chief Executive Officer of Charter and Charter has appointed Patrick Miniutti, the Chief Financial Officer of LAPP, as its Chief Executive Officer. Floriana Cipollone has agreed to serve as Acting Chief Financial Officer of Charter. Charter will continue to benefit from the services of Mr. Silverberg and Ms Cipollone during the transition period as they have entered into consulting agreements with LAPP.
The two trustees of Charter appointed by CARM, John Driscoll and Richard Zarzeczny have resigned. Charter has appointed two nominees of LAPP, Louis Maroun and Patrick Miniutti, to replace them.
About League Assets Corp.
League Assets Corp., a privately held corporation, manages the IGW Real Estate Investment Trust (the “IGW REIT”), one of North America’s fastest growing private Real Estate Investment Trusts, comprising a portfolio of Canadian commercial and residential properties with combined assets approaching $300 million.
The IGW REIT exists to find, acquire, improve, and manage profitable real estate properties across the country, and to offer shared ownership in these assets to other like-minded investors – referred to by League as its Member-Partners. Combined with its other investment pools, League is currently managing and developing assets with approximate build-out values totalling $2 billion.
About Charter REIT
Charter Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring and managing a portfolio of retail and mixed-use retail community and neighbourhood centres, generally in the mid-market deal size range of $10 to $40 million, from both primary and secondary markets throughout Canada. Charter REIT currently owns 10 retail properties located in Ontario and Quebec.
Source: Charter Real Estate Investment Trust
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. C.A. Bancorp Inc. Sells Its Units of Charter Real Estate Investment Trust to IGW Public LP is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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