InterRent REIT Closes $115 Million Bought Deal Financing
August 09 2018 - 8:31AM
InterRent Real Estate Investment Trust (TSX-IIP.UN)
(“
InterRent”) announced today the closing of its
previously announced public offering of 10,798,500 trust units (the
“
Offered Units”) from treasury
(the “
Offering”), which includes the full exercise
of the over-allotment option granted to the underwriters in
connection with the Offering, at a price of $10.65 per Offered Unit
for gross proceeds of $115,004,025.
The Offering was made on a bought deal basis
pursuant to an underwriting agreement with a syndicate of
underwriters with Desjardins Capital Markets and Scotia Capital
Inc., as co-lead underwriters, and which included BMO Nesbitt Burns
Inc., RBC Dominion Securities Inc., TD Securities Inc., Canaccord
Genuity Corp., National Bank Financial Inc., CIBC World Markets
Inc., Echelon Wealth Partners Inc., Raymond James Ltd., GMP
Securities L.P. and Industrial Alliance Securities Inc.
About InterRent
InterRent is a growth-oriented real estate
investment trust engaged in increasing Unitholder value and
creating a growing and sustainable distribution through the
acquisition and ownership of multi-residential
properties.
InterRent's strategy is to expand its portfolio
primarily within markets that have exhibited stable market
vacancies, sufficient suites available to attain the critical
mass necessary to implement an efficient portfolio management
structure and, offer opportunities for accretive
acquisitions.
InterRent's primary objective is to use the
proven industry experience of the Trustees, Management and
Operational Team to: (i) provide Unitholders with stable and
growing cash distributions from investments in a diversified
portfolio of multi-residential properties; (ii) enhance the
value of the assets and maximize long-term Unit value through
the active management of such assets; and (iii) expand
the asset base and increase Distributable Income through
accretive acquisitions.
Cautionary Statements
The comments and highlights herein should be
read in conjunction with the most recently filed annual information
form as well as our consolidated financial statements and
management’s discussion and analysis for the same period.
InterRent’s publicly filed information is located at
www.sedar.com.
This news release contains “forward-looking
statements” within the meaning applicable to Canadian securities
legislation. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as
“plans”, “anticipated”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. InterRent is
subject to significant risks and uncertainties which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward looking statements contained in
this release. A full description of these risk factors can be found
in InterRent’s most recently publicly filed information located at
www.sedar.com. InterRent cannot assure investors that actual
results will be consistent with these forward looking statements
and InterRent assumes no obligation to update or revise the forward
looking statements contained in this release to reflect actual
events or new circumstances.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
For further information about InterRent please
contact:
Mike McGahan |
Brad Cutsey, CFA |
Curt Millar, CPA,
CA |
Chief Executive
Officer |
President |
Chief Financial
Officer |
Tel: (613) 569-5699 Ext
244 |
Tel: (613) 569-5699 Ext
226 |
Tel: (613) 569-5699 Ext
233 |
Fax: (613)
569-5698 |
Fax: (613)
569-5698 |
Fax: (613)
569-5698 |
e-mail:
mmcgahan@interrentreit.com |
e-mail :
bcutsey@interrentreit.com |
e-mail:
cmillar@interrentreit.com |
web site:
www.interrentreit.com |
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