Canadian Cannabis REIT Nova Plans Liquidation, Offers Unit Holders Premium Payout After $3.71M Sale

Toronto-based cannabis-focused real estate investment trust Nova Net Lease REIT (CSE:NNL) (OTCQB:NNLRF) announced Friday that it has entered into a unit purchase agreement with Bluebird Real Estate Holdings, LLC, an affiliate of DRN Holdings LLC.

Details

Under the deal, Bluebird agreed to acquire all of the class A units of Nova Net Lease Operating LLC from Verdant Growth Properties Corp., a wholly-owned subsidiary of the REIT.

The class A units represent all, or substantially all of the REIT’s assets. Bluebird is purchasing the class A units for total gross proceeds of $3.71 million or $0.50 per unit.

After providing for liabilities, unpaid transaction costs, and administrative costs, the REIT expects to distribute its net assets to the holders of its outstanding units then terminate the REIT subject to its declaration of trust.

Liquidating ...

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