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MISSISSAUGA, Ontario, March 06, 2020 (GLOBE NEWSWIRE) -- (TSXV: MWI.UN) Maplewood International Real Estate Investment Trust (the “REIT”), announced today that following an extensive marketing process for the proposed sale of its sole investment property in the Netherlands (the “Property”), the REIT has executed a binding purchase and sale agreement on the Property in the net amount of EUR 6,350,000 (based on a gross amount of EUR 6,750,000 less due diligence adjustments of EUR 400,000) with a purchaser (the “Purchaser”) at arm’s length to the REIT (the “Transaction”).
Further to the REIT’s special meeting of unitholders held on August 13, 2018 (the “Special Meeting”) and the voting results therefrom, the REIT obtained the required unitholder approval for the sale of the Property on that date, in accordance with the terms of the REIT’s declaration of trust. Full details of the matters voted upon at the Special Meeting are set out in the management information circular of the REIT dated July 16, 2018 (the “Circular”), which is available under the REIT’s profile on SEDAR at www.sedar.com.
The closing of the Transaction is subject to the REIT receiving the necessary approval from the TSXV, including receipt by the TSXV of updated unitholder approval via consent letter.
About Maplewood International REIT
Maplewood International REIT is a Canadian based growth-oriented international real estate investment trust, established to invest in high-quality income producing commercial real estate outside of Canada. The REIT’s geographic focus is on the investment grade countries of Europe, with an initial target market of the Netherlands.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate and currency rate fluctuations. Investors are cautioned that there is no assurance that the Transaction will be completed on the terms set out herein or at all. Our objectives and forward-looking statements are based on certain assumptions, including that the Canadian and Dutch economies remain stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate, and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT’s filings with securities regulators, which have been filed on SEDAR and can be viewed at www.sedar.com under the REIT’s profile.
The TSXV has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined under the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For additional information, please contact:
Kursat Kacira, Chief Executive Officer
Tel: (647) 282-8324; E-mail: kkacira@maplewoodreit.com
