TORONTO--(BUSINESS WIRE)--Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today announced that unitholders approved, in accordance with the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), an ordinary resolution (the “Resolution”) authorizing the sale of the property located at 24-26, Rue Bénard – 25, Rue Hyppolite Maindron – 27-29, Rue de la Sablière, Paris, District 14, France (the “Sabliere Sale”) to Inovalis S.A. (the “Purchaser”) at a special meeting of unitholders of the REIT (the “Special Meeting”).
As the Sabliere Sale could be considered a “related party transaction” pursuant to MI 61-101, the REIT was required to obtain the prior approval of the Sabliere Sale by a majority of the minority unitholders on a disinterested basis. At the Special Meeting and excluding votes cast by (i) Mr. Stéphane Amine, President and CEO of the REIT, who holds 37,900 units and indirectly exercises control or direction over 1,530,074 units and 938,036 special voting units held by the Purchaser; (ii) Mr. David Giraud, an employee of the Purchaser, who holds 1,151,782 units; and (iii) Ms. Anne Smolen, an employee of the Purchaser, who holds 41,100 units, the Resolution approving the Sabliere Sale received 2,432,752 votes (representing 94.8% of the votes cast) for its approval, and 133,158 votes (or 5.2% of the votes cast) against. Final voting results from the Special Meeting will be filed and available on the REIT’s profile on SEDAR+ at www.sedarplus.ca.
As previously set forth, the Sabliere Sale is conditional upon the satisfaction of certain conditions. There is no certainty, nor can the REIT provide any assurance, that these conditions will be satisfied and, as such, there is no assurance that the Sabliere Sale will be completed, or if completed, will be on the terms as previously disclosed by the REIT. Any material difference in the terms of the Sabliere Sale will require the REIT to seek further approval of unitholders.
About Inovalis REIT
Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 13 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A.
About Inovalis Group
Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets.
Inovalis Group (www.inovalis.com), founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world's major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services.