Tuxedostyle Posted March 5, 2020 Share Posted March 5, 2020 Maplewood International REIT is selling its only asset - 130k sq.ft. industrial complex located in the Netherlands and intends to distribute the proceeds to shareholders. Stock is currently trading at C$0.63/share, while the estimated distribution should be around C$0.83/share (over 30% upside). Under the Sale Resolution that was approved by shareholders (Aug '18) the management was authorized to sell the property for not less than €6.75m (C$10.1m currently) within 25 months after the meeting. In July'18 the company has entered into a non binding conditional agreement with a certain (again the name wasn't disclosed) European real estate private equity group to sell the property, however no news updates were made since then. The property generates about C$0.9m of annual income after direct property expenses, so the current valuation (C$10.1m) seems reasonable. The industrial complex is 100% rented to a single tenant, while the possibility of moving away is minimal. The idea is taken from https://www.specialsituationinvestments.com/2020/01/maplewood-international-reit-mwi-un-v-asset-sale-32-upside/ Link to comment Share on other sites More sharing options...
BG2008 Posted March 5, 2020 Share Posted March 5, 2020 In these small deals, an unexpected $1mm delta can really sway the outcome Link to comment Share on other sites More sharing options...
Tuxedostyle Posted March 12, 2020 Author Share Posted March 12, 2020 Binding agreement was finally signed. The consideration in EUR is a bit lower, but due to the fall of CAD, the amount in CAD remained the same. https://sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00034962&issuerType=03&projectNo=03026629&docId=4679253 Link to comment Share on other sites More sharing options...
bskptkl Posted March 12, 2020 Share Posted March 12, 2020 That was me selling today at 70 and 71. Seems like there are better things in this market... Link to comment Share on other sites More sharing options...
bizaro86 Posted March 12, 2020 Share Posted March 12, 2020 I sold mine at $0.71 as well. Small position, but can redeploy those funds usefully... Link to comment Share on other sites More sharing options...
bskptkl Posted May 8, 2020 Share Posted May 8, 2020 They said in circular they expect 3 cents after liquidating. Not sure why it's 5 bid now. Sold rest of mine. Link to comment Share on other sites More sharing options...
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