Business
Inovalis Real Estate Investment Trust announces closing of Cdn$37 million equity offering
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STA...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n \n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n \n\n\n\nTORONTO, Nov. 6, 2014 /CNW/ -Inovalis Real Estate Investment Trust (\"Inovalis REIT\" or the \"REIT\") (TSX: INO.UN) today announced the closing of its previously announced public offering (the \"Offering\") of 3,978,500 trust units (\"Units\"), on a bought deal basis, at a price of Cdn$9.30 per Unit for total gross proceeds of approximately Cdn$37 million. The Offering was conducted through a syndicate of underwriters co-led by Desjardins Capital Markets Inc., GMP Securities L.P. and National Bank Financial Inc. and including BMO Capital Markets, Dundee Securities Limited, Laurentian Bank Securities Inc., Manulife Securities Incorporated, Burgeonvest Bick Securities Limited, Mackie Research Capital Corporation, All Group Financial Services Inc. and M Partners Inc.\n\nThe REIT intends to use the net proceeds from the Offering to fund, in part, as to Cdn$16,550,000, the cash portion of the purchase price of the acquisition of two office properties located in the Greater Paris Region (the \"Acquisition\"), as to €12.5 million to fund the loan to Inovalis S.A. for purposes of acquiring the Metropolitan Property (the \"Acquisition Loan\"), and the balance for future acquisitions and general trust purposes. \n\nThe REIT has granted the underwriters an option to purchase up to an additional 596,775 Units at a price of $9.30 per Unit, exercisable in whole or in part at any time on the same terms up to 30 days from today.\n\nThe REIT's Units are listed on the Toronto Stock Exchange under the symbol INO.UN.  \n\n\n\n\nForward-Looking Information:\n\nThis press release contains forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the Acquisitions, the Acquisition Loan and the Offering. These statements generally can be identified by the use of forward-looking words such as \"forecast\", \"may\", \"will\", \"would\", \"expect\", \"estimate\", \"anticipate\", \"intend\", \"believe\" or \"continue\" or the negative thereof or similar variations. The actual results and performance of the REIT discussed herein could differ materially from those expressed or implied by such statements. See the risk factors in the p...