Middlefield Global Completes Merger with Real Estate Split Corp.
Deal News | Dec 06, 2024 | Globenewswire
Real Estate Split Corp. successfully completed its merger with Middlefield Global Real Asset Fund, leading to Real Estate Split becoming the continuing fund. The merger involved an exchange whereby each Real Asset unit was converted into 0.36409573 units of Real Estate Split, consisting of one Preferred Share and one Class A Share of Real Estate Split Corp. Post-merger, 1,054,761 Preferred and Class A shares were issued, and Real Asset was delisted from TSX. The transaction is a taxable event, and former unitholders can enroll in Real Estate Split's Distribution Reinvestment Plan. The merger aims to provide benefits through a diversified approach, focusing on both traditional and emerging real estate property types. The transaction's forward-looking statements are speculative and subject to various risks.
Sectors
- Real Estate Investment
- Financial Services
Geography
- Canada – Both the merged entity, Real Estate Split Corp., and the former Middlefield Global Real Asset Fund are based in Canada and trade on the Toronto Stock Exchange.
Industry
- Real Estate Investment – The merger involves companies focusing on investments in real estate properties, including traditional types like industrial and retail and emerging sectors like data centers and life sciences.
- Financial Services – Middlefield and Real Estate Split engage in financial services by managing and advising investment funds, reflecting practices typical in the financial services sector.
Financials
- 0.36409573 – The exchange ratio for converting each Middlefield Global Real Asset unit into units of Real Estate Split Corp.
- 1,054,761 – The number of Preferred Shares and Class A shares issued by Real Estate Split Corp. post-merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Real Estate Split Corp. | Continuing Fund/Target Company | Companies | A corporation focusing on providing cash distributions and capital appreciation through real estate investments. |
| Middlefield Global Real Asset Fund | Selling Company | Companies | An investment fund previously traded on TSX, merged into Real Estate Split Corp. |
| Middlefield Limited | Manager | Companies | The managing company responsible for paying the costs of the merger. |
| Middlefield Capital Corporation | Investment Advisor | Companies | Advisor for both Real Estate Split Corp. and the former Real Asset Fund, playing a role in asset allocation strategy. |