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Huntingdon REIT Announces Unitholder Approval of Proposed Combination with IAT Air Cargo Facilities Income Fund

^{Published on 2009-11-26 13:14:58 - Market Wire}
 

WINNIPEG, Nov. 26 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) announced that at the special meeting of its unitholders held today, unitholders passed all of the resolutions relating to the proposed combination (the "Combination") with IAT Air Cargo Facilities Income Fund ("IAT") with an exchange ratio of 9.75 trust units of HREIT for each IAT trust unit held, including: (i) a resolution approving the Combination; (ii) a special resolution, in the form set forth in the joint information circular dated November 5, 2009, approving the HREIT Declaration of Trust Amendments; and (iii) a resolution fixing the number of trustees of HREIT at seven (7) and electing W. John Dawson, D. Greg Doyle, Stephen J. Evans, Zachary R. George, Gary M. Goodman, R. Scott Hutcheson and David A. Lorber to serve as trustees of HREIT following the completion of the Combination.

The resolution approving the Combination was passed by a majority of votes cast by unitholders of HREIT, other than FrontFour Capital Group LLC, FrontFour Master Fund Ltd., FrontFour Holdings Inc. and Distressed Securities & Special Situations-1.

Assuming that holders of IAT trust units approve the Combination and related matters and subject to the satisfaction of all closing conditions, the Combination is expected to close effective January 1, 2010.

HREIT is a real estate investment trust, which is listed on the TSX under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns 68 income producing office, industrial, retail and standalone parking lot properties that have a total gross leaseable owned area of 4.7 million square feet; two land parcels held for development and other development and expansion opportunities within the existing portfolio. The properties are located in Manitoba, Ontario, Saskatchewan, Alberta, British Columbia and Northwest Territories. HREIT also owns CRESI Inc., a property management business. More information about HREIT can be found on its website at [ www.hreit.ca ].

Forward-Looking Information:

This news release contains certain forward-looking statements, including statements relating to the expected closing date of the Combination, as amended, subject to the satisfaction of closing conditions. These statements, which can be identified by the use of the word "expected", involve various risks and uncertainties. These forward-looking statements represent expectations of HREIT as of the date hereof, and are subject to change after such date. HREIT disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws. This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The issuance of this press release is not an admission that any entity named in this press release owns or controls any units of HREIT or IAT or is a joint actor with any other entity.