TORONTO – Bluebird Real Estate Holdings LLC acquired all Class A Units of Nova Net Lease Operating LLC, being substantially all of the REIT’s non-financial assets, from Verdant Growth Properties Corp., a wholly owned subsidiary of Nova, for gross proceeds of US$3.71 million.
Nova Net Lease REIT is a cross-border real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to hold investments in cannabis-related properties located in the United States through an operating partnership. With the sale of its operating partnership completed, the REIT will begin the process to terminate.
After providing for liabilities, unpaid transaction costs and administrative costs, Nova expects to distribute its net assets to its unitholders and subsequently terminate the REIT in accordance with the REIT’s declaration of trust in the first quarter of 2025. The REIT expects to issue a notice about the estimated value of the liquidating distribution once it can be reliably estimated.
