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Inovalis Real Estate Investment Trust announces Closing of $46 million Bought Deal Financing
Inovalis Real Estate Investment Trust announces Closing of $46 million Bought Deal Financi...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust announces Closing of $46 million Bought Deal Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nInovalis Real Estate Investment Trust announces Closing of $46 million Bought Deal Financing\nCanada NewsWire\nTORONTO, July 25, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, July 25, 2016 /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  4,842,190 trust units (\"Units\"), inclusive of 631,590 Units issued pursuant to the exercise in full of the over-allotment option, on a bought deal basis, at a price of $9.50 per Unit for total gross proceeds to the REIT of $46,000,805. The Offering was conducted through a syndicate of underwriters co‑led by Desjardins Securities Inc. and BMO Capital Markets, and including CIBC World Markets Inc., National Bank Financial Inc., GMP Securities L.P., Dundee Securities Ltd., Laurentian Bank Securities Inc., Industrial Alliance Securities Inc., and Manulife Securities Inc. (collectively, the \"Underwriters\").\n\nThe REIT intends to use the net proceeds from the sale of the Units as an available source of funding for potential future acquisitions of office properties located in France and Germany and for potential capital expenditures relating to the re-positioning and/or re-development of currently owned properties. Until utilized for these purposes, the REIT intends to repay existing outstanding indebtedness in the amount of approximately $24.7 million with respect to the property located at 44/50 Avenue du Capitaine Glarner, Saint-Ouen, France, as well as for working capital and general trust purposes, including potential acquisitions, none of which have been identified at this time. \n\nThe REIT's Units are listed on the Toronto Stock Exchange under the symbol INO.UN.\n\nForward‑Looking Information\n\nThis press rele...