Real estate company acquires commercial property business for $1.1B all-stock deal

Halifax is driving property value increases in Nova Scotia. An aerial view of the harbour and downtown is seen in Halifax. THE CANADIAN PRESS/Andrew Vaughan

HALIFAX — Clarke Inc. has signed a deal to acquire Ravelin Properties REIT in a deal that values the owner of commercial real estate assets in North America and Europe at $1.1 billion, including assumed debt.

Clarke chief financial officer Tom Casey says the acquisition will result in a company with diversified geographic exposure and scale, which will provide Clarke shareholders with significant upside and liquidity.

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Ravelin has been evaluating alternatives to deal with its financial difficulties, including defaults on its existing debt and its ongoing capital requirements.

Under the all-stock deal, Clarke will acquire all of the outstanding units of trust, its 9.00 per cent convertible unsecured subordinated debentures, 5.50 per cent convertible unsecured subordinated debentures and 7.50 per cent convertible unsecured subordinated debentures

Clarke says it expects to issue 2.5 million shares in the transaction. Once the deal is complete, existing Clarke shareholders will hold 83.8 per cent of the combined company while Ravelin securityholders will own 16.2 per cent.

The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions including approval by Ravelin unitholders and debentureholders.

This report by The Canadian Press was first published March 27, 2026.