As part of a series of transactions approved by the BlackWall Property Trust, an offer was made to all unitholders in the Bakehouse Quarter Trust, (whose sole asset is the proceeds of the recent sale of the Bakehouse Quarter) to acquire their units in exchange for new units in the BlackWall Property Trust.
The responsible manager of the BQT may accept an offer to acquire all the units in the Trust if more than 75% of the unit holders accept the offer. BlackWall advises that the 75% threshold has been exceeded and, consequently, BlackWall will acquire all of the units in Bakehouse Quarter Trust, effectively sweeping the proceeds from the sale of the asset into the BlackWall Trust.