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InterRent REIT Announces Closing of a $50 Million Public Offering of Trust Units
InterRent REIT Announces Closing of a $50 Million Public Offering of Trust Units.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES\n\n\nOR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nTORONTO, Feb. 13 /CNW/ - InterRent Real Estate Investment Trust\n(TSX-V:IIP.UN) (\"InterRent\") is pleased to announce that it has closed its\npreviously announced offering of $50 million in trust units at a price of\n$5.50 per unit on a fully-marketed underwritten basis pursuant to a short form\nprospectus (the \"Offering\"). A syndicate of underwriters, which was led by\nCanaccord Capital Corporation, has been granted an over-allotment option to\nacquire up to an additional 15% of the Offering for a period of 30 days\nfollowing closing. InterRent intends to use the net proceeds of the Offering\nto acquire its previously announced 22 multi-residential real estate\nproperties for approximately $100 million currently under contract, acquire\nadditional properties under consideration, repay outstanding debt and for\ngeneral corporate purposes. Closings of the acquisitions are expected to occur\nover the next several weeks.\n\n\nAbout InterRent\n\n\nInterRent is a rapidly expanding, growth oriented real estate investment\ntrust engaged in building unitholder value through the accretive acquisition,\nownership and operation of strategically located income producing\nmulti-residential real estate, with 1,828 apartment suites under ownership and\napproximately 1,200 suites under contract, for a total of more than 3,000\napartment suites.\n\n\nThis news release is intended for distribution in Canada only and is not\nintended for distribution to United States newswire services or dissemination\nin the United States. The securities being offered have not, nor will they be\nregistered under the United States Securities Act of 1933, as amended, and may\nnot be offered or sold within the United States or to, or for the account or\nbenefit of, U.S. persons absent U.S. registration or an applicable exemption\nfrom the U.S. registration requirements. This release does not constitute an\noffer for sale of securities in the United States.\n\n\nForward Looking Statements\n\n\nThis news release contains \"forward-looking statements\" within the\nmeaning of the United States Private Securities Litigation Reform Act of 1995\nand applicable Canadian securities legislation. Generally, these\nforward-looking statements can be identified...