As Takeover Looms, Canmarc Buys Properties For $209M

Law360, New York (January 11, 2012, 6:39 PM EST) -- Canada-based Canmarc Real Estate Investment Trust has agreed to buy two retail properties and a commercial center in Canada for $209 million a week before a hearing on a rival REIT's takeover bid, Canmarc announced Wednesday.

Canmarc, which has its headquarters in Montreal, said it agreed buy retail properties in Toronto and Jonquiere, Quebec, for a total of $71.6 million. The REIT also agreed to purchase the remaining 50 percent interest in the Scotia Centre in downtown Calgary from Scotiabank Inc. for $137.4 million.

The sellers...
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