Dundee REIT to acquire Realex

Dundee Real Estate Investment Trust (D.UN-T) is set to acquire the stake it does not already own in real estate investor and developer Realex Properties Corp. (RP-X) for $154.4-million in cash.

Realex shareholders will get $8.25 per share.

Calgary-based Realex owns stakes in 24 office and industrial spaces in Canada. They include properties in Kitchener, Ont., Calgary, Edmonton, smaller cities in Alberta and British Columbia, and parts of Ontario's University of Waterloo.

The board of directors of both Dundee REIT and Realex – officers of which hold 49 percent of Realex shares and have agreed to tender – have approved the deal.

The acquisition still needs approval of at least two-thirds of shareholders at a meeting expected to take place in January, as well as regulatory approval. The deal is expected to close by February.

Realex will include more information in a letter to shareholders that will be mailed next week.