MVP REIT Sets Date for Merger Vote
MVP REIT Inc., a publicly registered non-traded real estate investment trust, set the date of its special meeting where stockholders will vote on the proposed merger with a subsidiary of affiliated non-traded REIT, MVP REIT II Inc.
The special meeting will be held on September 27th at 8:00 a.m. at the Red Rock Casino & Resort in Las Vegas, and only MVP I stockholders of record on August 11th are entitled to vote.
As previously reported by The DI Wire, MVP REIT and MVP REIT II entered into a definitive merger agreement, where MVP I plans to merge with and into a wholly-owned merger subsidiary of MVP II, with the merger subsidiary continuing as the surviving entity.
The combined company will be renamed “The Parking REIT Inc.” with chairman and chief executive officer of the MVP REITs, Michael Shustek, continuing as chairman, CEO, and secretary of the new entity.
The Parking REIT’s eight-member board of directors will be composed of the five current directors of MVP II and three of the current independent directors of MVP I.
If the merger is approved, MVP I shareholders are expected to receive 0.365 shares of MVP II common stock for each share of MVP I common stock they own. Fractional shares will be paid in cash.
MVP REIT completed its initial public offering in September 2015 after raising $97.3 million from the sale of its common stock. The company’s portfolio consists of 25 properties with a total investment cost of $119 million.
MVP REIT II closed its offering in December 2016 and has raised $62 million in investor equity. As of June 30th, the company owned interests in 17 properties purchased for $51.8 million.