Melcor Real Estate Investment Trust (TSX:MR.UN) agreed to acquire portfolio of five commercial properties from Melcor Developments Ltd. (TSX:MRD) for CAD 80.9 million on December 4, 2017. As per the terms of agreement, Consideration will be paid with the combination of CAD 34.03 million in cash and by issuance of 0.283 million Class B LP units and 1.33 million Class C LP units and CAD 31.04 million by mortgage assumption. to Melcor. Post –acquisition, Melcor Developments Ltd. will have 53.6% ownership of Melcor Real Estate Investment Trust. Melcor Real Estate Investment Trust finances the acquisition through the sale, on a bought deal basis, of approximately CAD 15 million of subscription receipts and CAD 20 million aggregate principal amounts from convertible unsecured subordinated debentures. Acquisition of five commercial properties includes Kingsview Market Centre Phases Two & Four, Telford Industrial Phase Four, Chestermere Station Phase Seven, The District at North Deerfoot Phase One and West Henday Promenade Phase two. The acquisition will be conditional upon the satisfaction of certain conditions including lender consents, completion of the debt offering, issuance of Class B LP Units and Class C LP Units in subscription offering, unitholders approval and TSX approval. Melcor Real Estate Investment trustees unanimously recommend unitholders to vote in favor of transaction. On January 10, 2018, Melcor Real Estate Investment Trust unitholders approved the acquisition. The board of trustees appointed a special committee of independent elected trustees to consider acquisition. The Special Committee retained Altus Group Limited to prepare independent appraisals of each of the transaction and also retained Trimaven Capital Advisors to both act as an independent financial advisor to provide fairness opinion. The transaction is expected to occur on or before January 12, 2018. The transaction is expected to be immediately accretive to the AFFO per trust unit of the REIT and will increase the GLA in the REIT's portfolio by approximately 6.4%. CIBC World Markets, Inc. acted as financial advisor to Melcor Real Estate Investment.

Melcor Real Estate Investment Trust (TSX:MR.UN) completed the acquisition of portfolio of five commercial properties from Melcor Developments Ltd. (TSX:MRD) on January 12, 2018. Melcor will continue to manage these properties under the asset and property management agreements.