Edgefront Real Estate Investment Trust (REIT) has completed the acquisition of three industrial properties in Alberta controlled by TriWest Capital Partners through two of its portfolio companies, Triple M Housing and Northern Mat & Bridge Limited Partnership.
In connection with the closing of the acquisition and related public offering of CAD19.25 million units, the board of trustees granted a total of 850,000 options to purchase units.
The exercise price of the options has been set at CAD2.00 per unit, being the price per unit pursuant to offering.
The board has granted an aggregate of 640,000 unit options to the president and chief executive officer, and chief financial officer, as well as an aggregate of 210,000 unit options to the independent trustees.
These options can be exercised until 16 July 2019 and will vest over a period of three years, one-third vesting on each of the first, second and third anniversaries of the date of grant. Each option allows its holder to subscribe to one unit of the REIT.