Clarke Inc. Enters into Agreement to Acquire Ravelin Properties REIT

Clarke Inc. and Ravelin Properties REIT have entered into an acquisition agreement by way of a plan of arrangement under the Canada Business Corporations Act. Clarke has agreed to acquire all outstanding units of the REIT, along with its outstaning convertible unsecured subordinate debentures. The transaction values Ravelin at US$794.92 million (C$1.1 billion), including the assumption of debt, with the pro forma combined entity valued at approximately US$1.23 Billion (C$1.7 Billion). Closing is expected in the second quarter of 2026. The acquisition results in Clarke gaining control of a diversified portfolio of commercial real estate assets spanning Canada, the United States, and Europe. The transaction involves complex considerations relating to solvency, leverage, and asset-level financing, requiring coordination across REIT governance, property-level debt, stakeholder negotiations, and court supervision.

Advisory Team:

BENNETT JONES LLP Kristopher R. Hanc

Bronwynn Shaw

Jennifer Huang

Nadia Plawiuk

Anu Nijhawan

Philip B. Ward

Spencer Brown

Kate Kim

Zachary Thacker

Zirjan (Zee) Derwa

Mark Rasile

Michael S. Shakra

Jane C. Helmstadter