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 of the outstanding units of the REIT along with its outstanding convertible unsecured subordinate debentures.

The transaction values Ravelin at $1.1 billion, including the assumption of debt, and the pro forma combined entity at approximately $1.7 billion. The transaction is expected to close in the second quarter of 2026.

The acquisition will result in Clarke obtaining control of a diversified portfolio of commercial real estate assets across Canada, the United States and Europe.

Bennett Jones LLP acted as legal advisor to Clarke. Voorheis & Co. LLP and Thornton Grout Finnigan LLP acted as legal advisors to the Special Committee and Board of Trustees of the REIT and KSV Advisory Inc. acted as financial advisor to the Special Committee and Board of Trustees of the REIT.