Legacy Finds a Buyer

LEGACY HOTELS REIT $12.37 (Toronto symbol LGY.UN; SI Rating: Extra Risk) has accepted an all-cash takeover offer worth $12.60 a unit from InnVest REIT and a group led by the Caisse de depot et placement du Quebec.

Under the agreement, the Caisse de depot will take… Read More

Legacy Gets Lowball Offers

LEGACY HOTELS REIT $12.11 (Toronto symbol LGY.UN; SI Rating: Extra Risk) has confirmed that it has received several nonbinding takeover offers worth about $12.60 a unit. That’s well below earlier expectations of up to $15, and the units fell 16% on the news.

Legacy shot up… Read More

Buyout Effort Fuels Big Gain for Legacy

LEGACY HOTELS REAL ESTATE INVESTMENT TRUST $13 (Toronto symbol LGY.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 105.3 million; Market cap: $1.5 billion; SI Rating: Extra risk) has formed a special committee to evaluate ways to enhance investor value, including a possible sale… Read More

Legacy Has Room to Grow

LEGACY HOTELS REIT $11.24 (Toronto symbol LGY.UN; SI Rating: Extra Risk) owns 25 luxury hotels with over 10,700 guestrooms in Canada and the United States, including The Fairmont Royal York in Toronto and the Fairmont Le Château Frontenac in Quebec City.

Legacy lowered its losses in… Read More

A Top-Quality REIT Fund

ISHARES CDN REIT SECTOR INDEX FUND $17.55 (Toronto symbol XRE; buy or sell through a broker) holds the 12 Canadian real estate investment trusts (REITs) in the S&P/TSX Capped REIT Index. The weight of any one REIT in the value of the S&P/TSX Capped REIT… Read More

New Trust Tax Hits RRSPs & Foreigners

Starting in 2011, Ottawa will impose a tax on income trust distributions that will put the income trusts on an equal tax footing with conventional taxable corporations. Trusts will pay a 31.5% tax on distributions to unit holders, so your cash flow from those trusts… Read More