Centurion Announces the Merger of Centurion REOT with Centurion Apartment REIT
December 8, 2020
Centurion Asset Management Inc. is pleased to announce that the Centurion Real Estate Opportunities Trust Board of Trustees has approved the merger with the Centurion Apartment Real Estate Investment Trust (the “REIT”). A quorum of external unitholders was obtained with a total of 99.64% voting in support of the merger. The merger will take effect on January 1, 2021.
The merger will allow the continuing Trust to take better advantage of the current and mutually complementary nature of the business of each trust. The continuing Trust will be able to capitalize on certain efficiencies and economies of scale achieved by combining the assets of the Centurion Real Estate Opportunities Trust and the Centurion Apartment Real Estate Investment Trust, thereby lowering the overall costs of the continuing Trust.
Unitholders of Centurion Real Estate Opportunities Trust will have their units converted into the Centurion Apartment Real Estate Investment Trust at the December 31, 2020 Net Asset Value of the REIT. For those unitholders wishing to redeem their units, a Special Redemption Right redemption must be provided to Centurion by December 17, 2020. These special redemptions will be paid to unitholders by January 31, 2021.