RICHMOND, B.C. – Huntingdon Real Estate Investment Trust (TSX:HNT.UN) announced Monday that it plans to convert to a corporate structure and will convene a special meeting on Sept. 26 so unitholders can vote on the proposal.
If approved, the conversion will see the company incorporated as 0918070 B.C. Ltd., with the public company name of New Huntingdon under consideration by the board of directors.
Changes to Canadian tax law have diminished or eliminated many of the advantages formerly held by trusts and Huntingdon said the switch would be better suited to the REIT’s growth strategy, creating a more simplified business structure that would help reduce general and administrative expenses.
Huntingdon owns, directly or indirectly, 77 income producing office, industrial, retail and stand-alone parking lot properties.
The holdings including aviation-related facilities at five of Canada’s leading international airports with a total gross leasable area of 5.5 million square feet and two land parcels held for development, with other development and expansion opportunities within the portfolio.
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