Earlier this week, Edgefront Real Estate Investment (TSXV: ED.UN) and Nobel Real Estate Investment Trust (TSXV: NEL.UN) announced the completion of its deal to enter into a diversified merger.
The combined REIT, named Nexus Real Estate Investment Trust, is billed as “a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial, office and retail properties located in primary and secondary markets in North America.”
With a portfolio of 36 properties that have around 2.1 million square feet of rentable space, Nexus REIT has over 53 million units issued and outstanding. Additionally, there are approximately 6 million Class B LP units of subsidiary limited partnerships of Nexus REIT issued and outstanding.
“Edgefront REIT units will continue to trade under the ticker symbol ED.UN until the opening of the TSX Venture Exchange on Wednesday April 5, 2017, at which time the Units of Nexus REIT will trade under the ticker symbol NXR.UN,” according to the announcement.
“Trading of Nobel REIT units ceased effective with the close of the TSX Venture Exchange on March 31, 2017.”
The deal combined assets worth an estimated $300 million.
Nexus Real Estate Investment Trust formed in $300M merger