The Filer, a real estate investment trust, applied for exemptive relief from the requirement under Part 8 of National Instrument 51-102 to file a business acquisition report following its acquisition of a portfolio of third-party tenant properties.
The acquisition was deemed significant under the asset, investment, and profit or loss tests when using the Filer's pre-IPO financial statements, which reflected only nominal assets.
However, when applying the tests using post-IPO financial metrics, the acquisition was not significant.
The principal regulator granted the requested exemption, finding that the acquisition was not significant to the Filer from a practical, commercial, business, or financial perspective.