Choice Properties Real Estate Investment Trust agreed to acquire Canadian REIT's assets and assume all of its liabilities, including long-term debt and all residual liabilities, in a deal valued at C$6.0 billion.

Under the deal, Canadian REIT will redeem all of its outstanding units for an aggregate of C$22.50 in cash and 2.4904 Choice Properties units per Canadian REIT unit, on a fully prorated basis. The offer prices each Canadian REIT unit at C$53.61 based on Choice Properties' C$12.49 closing unit price on Feb. 14, a 23.1% premium to the Canadian REIT closing unit price on the same day.

The entity that will be formed from the combination of Choice Properties and Canadian REIT will have an enterprise value of C$16 billion. The deal is slated to complete in the second quarter, subject to fulfillment of certain conditions.

More details to follow...