The board has appointed a special committee of independent trustees to evaluate the offer alongside other potential strategic paths. To navigate the process, the committee retained TD Securities as its financial adviser and Blake, Cassels & Graydon for legal counsel. Plaza management stressed that the proposal remains preliminary, with no guarantee that a definitive agreement will emerge from these discussions.

Axia’s bid of C$5.28 per unit arrives with backing from Morguard, which currently holds approximately 15.3% of the REIT’s outstanding units. The offer is reportedly fully financed and targets Plaza’s extensive portfolio of necessity-based retail properties, which are primarily located across Ontario, Quebec, and Atlantic Canada. Investors have been advised to take no action while the committee conducts its assessment.