Toronto-based real estate investment firm Axia Real Assets LP has gone public with an unsolicited, non-binding offer to acquire all outstanding trust units of Fredericton-based Plaza Retail REIT (TSX: PLZ.UN). On June 8, 2026, Axia submitted a non-binding offer to Plaza's Board of Trustees to acquire all issued and outstanding trust units at a price of $5.28 per unit, valuing the REIT at approximately $1.23 billion, including approximately $670 million of debt. The purchase price represented a 20.8% premium to the 90-day volume-weighted average price of the units on the TSX as of the close of trading on June 8, 2026. Axia announced its non-binding offer publicly on Tuesday [July 7], after spending two years unsuccessfully attempting to strike a friendly takeover with the REIT's board of trustees. Plaza owns 190 strip malls and retail centres across eight provinces. Axia added that the REIT's largest shareholder, Morguard Corporation, has already expressed strong support for the transaction and is prepared to vote its 15.3-per-cent stake in favour of the takeover. In response, Plaza's Board of Trustees formed a special committee of independent trustees to consider the proposal, its terms and conditions, and potential strategic alternatives. Plaza warns that it cannot guarantee the committee's review will result in a transaction. Axia has been trying to buy Plaza since 2024 and previously made a $4.70 per unit offer.