Market Overview

Subversive Real Estate Acquisition REIT LP Provides Update on Qualifying Transaction and Business Plan

Share:

TORONTO, Nov. 26, 2020 /CNW/ - Subversive Real Estate Acquisition REIT LP (the "REIT LP") (NEO: SVX.U) (NEO: SVX.RT.U) (OTC:SBVRF), today announced that it has determined not to proceed with its previously announced qualifying transaction and that it is exploring an alternative qualifying transaction. The REIT LP's qualifying transaction may be in an industry other than cannabis real estate.

The REIT LP also announced that Michael Auerbach and Leland Hensch will become the Chief Executive Officer and Chief Financial Officer, respectively, of the general partner of the REIT LP (the "General Partner"), effective immediately. The REIT LP's prior cannabis real estate management team, composed of Richard Acosta, Michael Miller, Eric Clarke and Dylan Hart have resigned in connection with the REIT LP's determination not to proceed with the previously announced qualifying transaction. Mr. Acosta will remain on the board of directors of the General Partner.

Michael B. Auerbach serves as Executive Chairman of the General Partner's board of directors. He is an entrepreneur, investor, business consultant, and private diplomat. He founded Subversive Capital as a vehicle to invest in radical companies whose core missions subvert the status quo and require sophisticated government and regulatory strategies for success. Mr. Auerbach has served as Senior Vice President of Albright Stonebridge Group LLC, a global strategy firm since 2012, and he also serves as a General Partner of Subversive Capital, a venture capital firm and a private investment fund. Since July 2019, he has served as Chairman of the board of directors of Subversive Capital Acquisition Corp., a British Columbia special purpose acquisition corporation, which announced its qualifying transaction on November 24, 2020.

Leland Hensch serves as a director of the General Partner's board of directors. Mr. Hensch is a private investor and a general partner of a private investment fund focused on investing primarily in publicly listed securities of issuers in the cannabis industry which are in the initial stages of raising funds. Mr. Hensch began his career in 1992 with Hull Trading Company, LLC as an equity derivatives trader on the Chicago Board Options Exchange, Inc. His first trading assignment was in the Frankfurt, Germany office from 1994 to 1998 where he traded on the Deutsche Borse AG. Mr. Hensch was hired by The Goldman Sachs Group, Inc. in London in 2001 to head the UK Derivatives desk. In 2004, he relocated to New York to run the Macro Derivatives Trading desk. In 2009, Mr. Hensch started Goldman Sachs' Emerging Markets equity trading team in Sao Paulo and was later promoted to Head of Americas Equity trading in 2013. Mr. Hensch was named partner in 2012 and retired in 2016. Since leaving Goldman Sachs, Mr. Hensch has made a number of investments across cannabis, real estate, hospitality, media, and technology businesses. He has been an active investor/owner in the hospitality and media businesses.

The REIT LP will provide an update on its qualifying transaction if and when it is legally required or otherwise appropriate to do so.

About Subversive Real Estate Acquisition REIT LP

Subversive Real Estate Acquisition REIT LP is a limited partnership established under the Limited Partnerships Act (Ontario) formed for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, equity exchange, asset acquisition, equity purchase, reorganization, or any other similar business combination involving the REIT LP that will qualify as its qualifying transaction for the purposes of the rules of the Exchange. The REIT LP is a special purpose acquisition corporation for the purposes of the rules of the Neo Exchange Inc.

Additional information is located at www.subversivecapital.com/reit.  

SOURCE Subversive Real Estate Acquisition REIT LP

Cision View original content: http://www.newswire.ca/en/releases/archive/November2020/26/c6326.html

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com