Business
InterRent REIT Announces Closing of Over Allotment Option
InterRent REIT Announces Closing of Over Allotment Option.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES/\n\n\nTORONTO, March 13 /CNW/ - InterRent Real Estate Investment Trust\n(TSX-V:IIP.UN) ("InterRent") announced today that it has closed the\nover-allotment option granted to the underwriters in connection with its\npreviously announced offering of $50 million in trust units. At the closing of\nthe over-allotment option, 485,000 trust units were sold to the syndicate of\nunderwriters, which was led by Canaccord Capital Corporation, at a price of\n$5.50 per trust unit for aggregate proceeds of $2,667,500. InterRent intends\nto use the net proceeds of the over-allotment option towards the acquisition\nof the balance of its previously announced 22 multi-residential real estate\nproperties currently under contract, the acquisition of additional properties\nunder consideration and for general corporate purposes.\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 2,462 apartment suites under ownership and\napproximately 774 suites under contract, for a total of more than 3,200\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 by the use of forward-looking\nterminology such as "plans", "anticipated", "expec...