- Northview Apartment Real Estate Investment Trust (TSX:NVU.UN) is being acquired by Starlight Group Property Holdings and KingSett Capital Ltd.
- The buyout is valued at C$4.8 billion
- The purchasers will acquire all outstanding Northview units for C$36.25, a 17 per cent premium
- Northview has a 60-day period to consider other offers from third parties.
- Northview Apartment REIT (NVU.UN) was up 12.46 per cent, with shares currently trading for C$36.55
Northview Apartment Real Estate Investment Trust (TSX:NVU.UN) is being acquired by Starlight Group Property Holdings and KingSett Capital for C$4.8 billion.
The joint purchasers will acquire Northview’s outstanding units for C$36.25, a 17 per cent premium.
The deal also stipulates a “Go-Shop” period of 60 days. During this time, Northview can seek out and evaluate any competing buyouts from third parties.
If another deal is found during the 60-day period, Starlight Group Property Holdings and KingSett Capital can match the competing offer.
A committee comprised of Northview trustees has fully endorsed the deal.
Mr. Todd Cook, president and CEO of Northview, believes this deal reflects the company’s strong performance over the last few years.
“This transaction is a testament to the business Northview has built, both through its original incarnation as Northern Property REIT, and more recently since the 2015 transaction, as Northview,” he said.
Northview is one of Canada’s largest real estate investment trust, with 27,000 residences across the country.
Starlight Group Property Holdings and KingSett Capital are both unlisted real estate trusts operating in Canada and North America.
Northview Apartment REIT (NVU.UN) was up 12.46 per cent, with shares currently trading for C$36.55.