On May 31, 2022, Adventus Realty Trust by its Trustee, Adventus Realty Services Inc. (the “Trust”), engaged Lazard Freres & Co. LLC (“Lazard”), a global investment banking firm, to advise the Trust and to establish a process to solicit and evaluate interest in a potential strategic transaction involving a merger, sale or recapitalization of the Trust. Lazard will provide its services primarily from its New York office.
Prior to engaging Lazard, the Trustee pursued a robust process of interviewing and receiving presentations from more than a dozen well known US and Canadian investment banks and specialty real estate financing firms. The major reasons for engaging Lazard were its deep US real estate knowledge and expertise, its M&A, capital markets and tax expertise in the US, its deep knowledge of both publicly-traded and private REITs in the US and Canadian markets, and its strong connections to Canada.
The Trustee has determined to proceed with this engagement now as there are positive signs of recovery in the US Office sector as the negative impacts of Covid-19 are declining. The Trust has experienced a substantial increase in leasing activity in the past several months and activity in the sector generally has been increasing.
Unitholders will be kept apprised of any significant developments with Lazard’s strategic transaction process for the Trust.
Adventus is a Canadian based private Real Estate Investment Trust (REIT) and is focused on US income producing commercial real estate, in the suburban office markets of Chicago, Illinois and Atlanta, Georgia. For more information on Adventus, including our team, corporate strategy, photo gallery, details of our portfolio and press releases, we invite you to visit our website at www.adventusrealty.com.
Cautionary Statements Regarding Forward-Looking Statements
This press release may contain forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “forecast”, “expect”, “intend”, “would”, “could”, “if”, “may” and similar expressions. The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, changes in interest rates, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT
and persons acting on its behalf.
Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
ADVENTUS REALTY TRUST
By its Trustee: ADVENTUS REALTY SERVICES INC.
Per: Rodney B. Johnston, FCPA, FCA
President and Chief Executive Officer