03:53 PM EST - Dundee Real Estate Investment Trust : reports that it is selling its properties in Ontario, Quebec and Newfoundland and Labrador to a division of General Electric for $2.4 billion including assumed debt. Dundee REIT will retain $1.5 billion worth of real estate in Western Canada, becoming "a more growth-oriented, opportunistic real estate investment trust," it said Monday. As part of the deal, GE Real Estate has agreed to buy $165 million worth of outstanding units of Dundee REIT at $47.50 per unit, which will give GE Real Estate an 18 per cent in the REIT. Additionally, trust unitholders will have an opportunity to tender 32 million units at $47.50 in cash per unit, a total of $1.52 billion. The total being transferred to unitholders, including the GE Real Estate purchase, is $1.7 billion. Dundee Real Estate Investment Trust
units D.UN:CA are trading up six dollars thirty four cents at $46.30.
