09:56 AM EST, 02/25/2025 (MT Newswires) -- Melcor Real Estate Investment Trust (MR-UN.TO) on Tuesday said the 90 day "go-shop" period provided as part of a previously announced agreement expired without the arrival of a superior offer.

As part of the deal, Melcor Developments ( MODVF ) will buy the 45% it doesn't already own of Melcor REIT LP for $5.50 per unit in cash. The sale is subject to court approval and to the satisfaction of customary closing conditions, including obtaining the required approvals from trust unit holders and special voting units of the REIT at a special meeting scheduled for April 11. Melcor REIT expects the sale to be completed in the second quarter.

Melcor REIT further announced that the REIT has completed the sale of Melcor Crossing in Grande Prairie, Alberta, which was listed for sale in March 2024. Proceeds will be used to pay down the backstop loan agreement, with the remaining proceeds used to pay down the line of credit.

Shares of Melcor REIT were last seen down $0.11 or 2%, at $5.32 on the Toronto Stock Exchange.

Price: 5.32, Change: -0.11, Percent Change: -2.03