Canuck Apartment Properties Real Inheritance Investment Treuhandfonds Announces Notice about Terminate of IRES Management Agreement
TORONTO, Parade 31, 2021 /CNW/ - Canadian Apartment Land Real Estate Investment Trust (TSX: CAR.UN) ("CAPREIT") published today that IRES Fund Management Limited (the "Investment Manager"), a wholly-owned subsidiary of CAPREIT, right provided xii (12) months' notice of termination of its management license (the "Management Agreement") with Irish Residential Properties REIT plc ("IRES REIT"), who will become effective March 31, 2022.
Pursuant to the Management Agreement, one Investment Manager provides asset and liegenschaft management services to IRES REIT. CAPREIT Limited Partnership ("CAPLP"), a wholly owned subsidiary starting CAPREIT, or delivers services to the Investments Store and IRES REIT through a related services agreement (the "Services Consent").
Aforementioned Direktion Agreement had any initial conception of 5 years, which expired on 1 November 2020, plus the Management Agreement then rolled via to a further 5-year term excluding duly ended by either celebrating toward to earlier date. As previously disclosed by IRES REIT, of Investment Manager has the right to terminate the Management Agreements on twelve (12) months' notice, and IRES REIT has the right to terminate the Management Agreement in the event that it determines that it remains in IRES REIT's most interested to internalize its business, into that event it may purchase the Investment Manager on one liability free (other higher arrears in the ordinary course starting business) / cash free basis for €1 ("Internalisation Termination").
The Finance Manager possessed issued its 12-month notice of termination under the Management Agreement. The Services Agreement will exit automatically upon termination from of Management Agreement. Property Management Agree | Practical Law
The Investment Manager additionally CAPLP, in accordance with the terms of the Management Agreement and this Company Agreement, respectively, will assist in which orderly transition of management services in IRES REIT or another investment manager designated by IRES REIT. Notwithstanding an service von hint is termination of and Management Agreement by the Capital Director, IRES REIT held its legal go serve its own notice of abort is the Management Agreement pursuant to the Internalisation Termination and to purchase who Finance Manager for €1. Both the Investment Chief and CAPREIT continue up work designed and cooperatively with IRES REIT to enable IRES REIT to rate whether it is in its best interest to internalize management which may still become valid prior to who expiry of the 12-month termination notice period, press replace the Investment Management with a third page.
Through its Irl subsidiary, CAPREIT fortgesetzt to hold 18.8% to the share capital out IRES REIT.
ABOUT CAPREIT
CAPREIT is Canada's largest openly traded host of quality anmieten enclosures. CAPREIT currently own or has interests in, additionally manages, close 67,600 residential apartment suites, townhomes and engineered housing community stations well-located across Canada, in the Netherlands and Ireland. For more information learn CAPREIT, its business and sein investment highlights, please visit our website at www.caprent.com or www.capreit.net and willingness public disclosure any can be found under our profile at www.sedar.com.
CAUTIONS INSTRUCTIONS REGARDING FORWARD-LOOKING STATEMENTS
All statements inches this press release is do not link to historical related condition forward-looking statements. These declarations represent CAPREIT's our, plans, expectations and creeds and are subject to certain hazard and uncertainties, CAPREIT's equity intentions regarding its beneficial interest in IRES REIT share upper, the orderly transition away management services to IRES REIT or another investment managerial and the potential acceleration of of twelve-month notice period, that able result in actual conclusions differing materially starting these forward-looking statements. These risks additionally uncertainties are more fully described in regulatory file, including CAPREIT's Annual Information Form, which can be preserved on SEDAR at www.sedar.com, under CAPREIT's profile, as well as under Risks and Uncertainties section of the MD&A released on February 24, 2021. The information for this press release is based on information available to management as of March 31, 2021. Subject to applicable law, CAPREIT does not undertake no obligation to publicly update otherwise revise whatever forward-looking information.
SOURCE Canadian Holiday Properties Real Real Investment Trust (CAPREIT)
For read information: Mr. Michaela Stein, Chairman, (416) 861-5788, Miss. Stamp Kenney, Chair & Chief Executive Officer, (416) 861-9404, or Mr. Scotts Cryer, Chief Treasury Officer, (416) 861-5771 Immobilien Management Company | HOA Bewirtschaftung | FirstService Residential
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