Mr. Shant Poladian reports

RAVELIN PROPERTIES REIT'S SYNDICATE OF SECURED LENDERS ASSIGNS CREDIT AGREEMENT TO G2S2 CAPITAL

The secured lenders party to Ravelin Properties REIT's second amended and restated credit agreement dated Nov. 14, 2023, as amended, have completed a sale and assignment of all the indebtedness and obligations under the syndicated credit agreement to G2S2 Capital Inc., a major unitholder of the real estate investment trust, in the aggregate principal amount of $233,047,602.23 (Canadian) and $43.7-million (U.S.).

Additionally, Royal Bank of Canada, a senior secured lender of the REIT, is expected to complete a sale of all the indebtedness and obligations under certain bilateral loan agreements to G2S2 on March 31, 2025, in the aggregate principal amount of $295,471,630.31 (Canadian).

The completion of the sale and assignment of the syndicated credit agreement and the bilateral loans required the consent of the REIT under the agreements governing the loans. In connection with providing consent to the sale and assignment, an independent committee of trustees of the REIT sought and obtained a six-month forbearance from G2S2 to allow the REIT additional time to negotiate the terms of a recapitalization plan.

"This is a significant step in progressing the REIT's recapitalization plan," said Shant Poladian, chief executive officer of the REIT. "We welcome the support of G2S2, which is also a significant unitholder of the REIT, and look forward to working together on managing the REIT's debt as we move forward with our strategic direction."

About Ravelin Properties REIT

The REIT owns and operates a portfolio of well-located commercial real estate assets in North America and Europe. The majority of the REIT's portfolio is composed of government and high-quality credit tenants.

We seek Safe Harbor.