Westmont holds big chunk of UniHost debentures

Article Abstract:

Westmont Partnership, the US-based hospitality company that made a hostile bid for Canadian rival UniHost Corp., revealed that it holds a major stake of the latter's debentures. According to the prospectus mailed to UniHost shareholders, Westmont, which already owns 6.7 mil shares at $6 each, has recently acquired $2.7 mil in UniHost's debentures. Westmont proposed to acquire all of the 37.7 mil common shares outstanding at $6 each, but officials of the Mississauga-based hotel operator said they wll resist the bid offer for it is inadequate and will not serve the best interest of its shareholders.

UniHost Corp., Westmont

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Realfund fails to respond to take over bid

Article Abstract:

Canadian real estate investment trust RealFund has received an unsolicited takeover bid from rival RioCan Real Estate Investment Trust. The non-cash bid, which involves the acquisition of each RealFund unit in exchange of 1.35 RioCan units, places the value of RealFund's 30 million units outstanding at around C$370 million. The combined group would have C$2 billion in assets and 125 community shopping centers across Canada.

Asset sales & divestitures, Acquisitions & mergers, Real Estate Invest Trusts, Real Estate Investment Trusts, RealFund

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Brookfield Properties to court U.S. investors

Article Abstract:

Brookfield Properties Corp, one of Canada's largest real estate companies, is considering listing its stock in the US, either on the Nasdaq or the New York Stock Exchange. Company Pres and CEO Bruce Flatt said the move is designed to attract US investors to the company. The company had assets of C$11.7 billion at the end of 1998 and saw its cash flow increase to C$290 million in 1998 from C$109 million in 1997.

Real Estate and Rental and Leasing, Securities issued, listed, Real Estate, Brookfield Properties Corp.

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