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Inovalis Real Estate Investment Trust Announces Closing of $51.5 Million Bought Deal Financing
Inovalis Real Estate Investment Trust Announces Closing of $51.5 Million Bought Deal Finan...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust Announces Closing of $51.5 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 23, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Dec. 23, 2019 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today announced the closing of its previously announced public offering (the \"Offering\") of  4,835,110 trust units (\"Units\"), inclusive of 609,710 Units issued pursuant to the partial exercise of the over-allotment option, on a bought deal basis, at a price of $10.65 per Unit for total gross proceeds to the REIT of $51,493,921.50. The Offering was completed through a syndicate of underwriters co‑led by Desjardins Capital Markets and BMO Capital Markets, and including CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Scurities Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Echelon Wealth Partners Inc., Laurentian Bank Securities Inc., Manulife Securities Incorporated, and Stifel Nicolaus Canada Inc.\nThe REIT intends to use the entirety of the net proceeds of the Offering to fund the purchase price for the remaining 75% interest in the office property located in Greater Paris, France (the \"Arcueil Property\"), in which the REIT currently has a 25% interest as part of a joint venture (the \"Acquisition\"). On December 20, 2019, the REIT entered into a definitive agreement with its joint venture partner representing a purchase price of €35.8 million. The Acquisition is expected to close on or about December 31, 2019. To the extent there are any remaining proceeds following the completion of the Acquisition, or if the Acquisition is not completed, the REIT intends to use the unutilized net proceeds 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.\nThe REIT...