Published on February 27, 2012
Dave Stewart
Topics : Dyne Holdings , Canmarc REIT , Confederation Court Mall , Charlottetown , Montreal , Quebec
The Confederation Court Mall in Charlottetown and other Homburg properties find themselves under new ownership today.
Tanya O'Brien, vice-president and general manager of Dyne Holdings Ltd., told The Guardian that the mall is part of a major business sale that took place in Montreal earlier this month.
In that sale, Cominar Real Estate Investment Trust reached a friendly deal to acquire Canmarc REIT after boosting its cash offer in a bid to become one of the country’s largest integrated real estate companies.
Quebec-based Cominar won the unanimous support of Canmarc’s board after increasing its offer by more than seven per cent to $905.4 million. Canmarc was previously known as Homburg Canada Real Estate Investment Trust, part of the business empire created by Netherlands-born entrepreneur Richard Homburg.
O'Brien says the Confederation Court Mall continues to fly under the banner of Dyne Holdings Ltd.
"That has never changed. The company (we're owned by) Canmarc REIT has been bought by another (company). That's the end of the story,'' O'Brien said Monday morning.
There were rumours that Mike Arnold, chief executive officer with Dyne, was part of the consortium that purchased Canmarc REIT but O'Brien says that is not the case.
"Mike Arnold has no involvement,'' she said.
O'Brien said they've had one discussion with the new owners so far and have been told it's status quo.
"They've told us it's business as usual. We are pleased to have such a large (company) as our owners but I think we're a small part in what they do. We'll see how this all unfolds.''
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