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Partners REIT wins court approval for go-private deal

Partners REIT received the Ontario Superior Court of Justice's final order approving the sale of all outstanding units of the Canadian retail real estate investment trust to McCowan and Associates Ltd. for 78 Canadian cents apiece in cash.

The sale does not include the 9,229,704 units, or about 20.03% of the outstanding units, already owned by the Canadian real estate owner and developer.

The plan of arrangement, which remains subject to certain customary conditions, is slated to close later in December.