Artis Real Estate Investment To Combine With RFA Capital Holdings

(RTTNews) - Artis Real Estate Investment Trust (AX-UN.TO), Monday announced its decision to combine with RFA Capital Holdings Inc., a privately-held Canadian financial services organization, forming a combined company, RFA Financial, which will trade its shares on on the Toronto Stock Exchange.

Under the deal, Artis unitholders would own 68 percent of RFA Financial common shares. Upon closing, Ben Rodney, current Chair of Artis and President, CEO and Managing Partner of RFA, will be appointed President and CEO of RFA Financial.

The transaction is expected to accelerate growth and enhance the cash flow profile of RFA Financial. It is anticipated to be accretive to net income and cash flow generation over time.

Friday, Artis' stock closed at $7.56, down 0.26 percent on the Toronto Stock Exchange.