Tokyu Land Corporation Acquires Additional Activia Properties Inc. Investment Units
May 27, 2020 — Activia Properties Inc. (“API”) announced that it has received from Tokyu Land Corporation [the sponsor (the “Sponsor”) of TLC REIT Management Inc. (“TRM”), to which API entrusts its asset management operations] a notice of additional acquisition of API’s investment units of API. Details are as follows.
1. Details of the Acquisition in the notice from the Sponsor
|(1) Total number of investment units to be acquired||A total of 7,712 units at maximum. However, if during the acquisition period, the investment unit price exceeds the initially set maximum price, the maximum number of units may not be acquired or the acquisition may not be conducted at all.|
|(2) Acquisition period||Scheduled to be 60 business days at maximum from June 1, 2020. However, the acquisition may be completed prior to the end of the above period, in case the number of units acquired reaches the maximum number, for example.|
|(3) Acquisition method||Tokyu Land Corporation will acquire API’s investment units based on the sales transaction agreement concluded with a securities company on May 26, 2020.|
2.Purpose of the Acquisition
We have enhanced our unitholder value on a continual basis by fully leveraging the value chain of Tokyu Fudosan Holdings Group, including support for asset acquisition and internal growth.
The Acquisition, to be conducted by the Sponsor in addition to same-boat investment in connection with the public offerings, will serve to reaffirm its intensive support to API, in the sense that the additional acquisition of API’s investment units by the Sponsor will further align the interest of our unitholders with the Sponsor’s interest, which allows us to expect a further intensified support from the Sponsor contributing to the middle- to long-term growth of API.
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