Huntingdon Announces Expiration of KEYreit Offer
You may have noticed that we've been reporting a lot in recent weeks about the competition between Plazacorps Retail Properties and Huntingdon Capital for control of KEYreit. Well, last week Huntingdon finally rescinded its offer. Plazacorps, the East Coast-based company, cites its ability to leverage its existing management platform and compatible property platformadvantages with regard to growing KEYreit--Shoppers Drug Mart is the largest tenant for both Plazacorps and KEYreit. With the deal, Plazas holdings now jump to 345 properties and 6.4M SF of GLA, across Canada (its Aurora property is photographed).KEYreit shares were trading at $8.09 this morning on the Toronto Stock Exchange. We suppose we'll need a new story to follow. Anybody out there taking over something?
"The first one gets the oyster and the second gets the shell." -- Andrew Carnegie. Send story ideas, and seashells, tomark.keast@bisnow.com.
