Crombie REIT Investors Back $1B Sobeys Grocery Store Buy

Law360, New York (September 20, 2013, 12:44 PM EDT) -- Shareholders of Canadian property owner Crombie Real Estate Investment Trust overwhelmingly approved the $961.6 million acquisition of 68 grocery stores from Sobeys Inc. parent Empire Co. Ltd. and a related $150 million private placement, Crombie said Friday.

The acquisition and the private placement were supported by more than 99 percent of votes cast at a special shareholder meeting Thursday, Crombie said. The vote paves the way for the deal with Empire, which owns the Canadian grocery store operator, to close later this year.

"There were [19.1...
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