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Retirement Residences Real Estate Investment Trust ("Retirement REIT") has been acquired by the Public Sector Pension Investment Board.  Inclusive of debt, the total value of the deal is approximately $2.8 billion, with unitholders receiving $8.35 cash per unit of Retirement REIT.  Davies advised the Special Committee of Retirement REIT's board of trustees throughout a strategic review process and advised the Special Committee and Retirement REIT with respect to the takeover bid for Retirement REIT.

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2006