Dundee REIT and Realex Properties Corp. have entered into an agreement for Dundee REIT to acquire all of the outstanding common shares of Realex Properties Corp. for cash consideration of $154.4 million. Holders of Realex common shares will receive $8.25 per share reflecting an enterprise value of $385 million.
Realex owns interests in 24 office and industrial assets in Ontario and Alberta, totalling 1.8 million square feet. Seven of the properties, comprising 945,000 square feet of predominantly office space, are located in the downtown core of Kitchener and the University of Waterloo Technology Park in Waterloo, Ontario. Realex also owns five office properties in Calgary and six office properties in Edmonton, Alberta, comprising 444,000 and 275,000 square feet, respectively. In addition, the portfolio includes four industrial assets located in smaller Alberta and British Columbia centres and two industrial buildings in Edmonton, Alberta.