SITQ Acquisition Inc., a subsidiary of Canadian-based investment and real estate management company SITQ Immobilier, has purchased all the remaining common shares of property managers Bentall Corporation.
The deal includes shares which were not deposited under SITQ’s previous offer for the outstanding Bentall common shares made on March 5, 2001, at a price of $20.00 cash per share.
The acquisition of the 190,190 remaining shares were subject to the provisions of the Canada Business Corporations Act. Bentall is now a wholly owned subsidiary of SITQ and its affiliates.
Created in 1984, SITQ’s current portfolio amounts to more than $6bn dollars, which is distributed among 170 buildings and six countries.
By Janet Du Chenne
This week's edition of Professional Pensions is out now.
Nearly 60% of UK employers consider defined contribution (DC) master trusts to be the "most suitable" pension fund for their employees, according to research by Buck.
Companies which have tried to dodge their pension duties by changing their identities are being "hunted" by The Pensions Regulator (TPR) in a crackdown on non-compliance with auto-enrolment (AE).
Removing liquidity restrictions would enable DC funds to capitalise on the potentially higher and safer returns that DB schemes have benefitted from, says Patrick Marshall.