/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 13 /CNW/ - InterRent Real Estate Investment Trust (TSX-V:IIP.UN) ("InterRent") is pleased to announce that it has closed its previously announced offering of $50 million in trust units at a price of $5.50 per unit on a fully-marketed underwritten basis pursuant to a short form prospectus (the "Offering"). A syndicate of underwriters, which was led by Canaccord Capital Corporation, has been granted an over-allotment option to acquire up to an additional 15% of the Offering for a period of 30 days following closing. InterRent intends to use the net proceeds of the Offering to acquire its previously announced 22 multi-residential real estate properties for approximately $100 million currently under contract, acquire additional properties under consideration, repay outstanding debt and for general corporate purposes. Closings of the acquisitions are expected to occur over the next several weeks.
About InterRent
InterRent is a rapidly expanding, growth oriented real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 1,828 apartment suites under ownership and approximately 1,200 suites under contract, for a total of more than 3,000 apartment suites.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
There is no assurance that the specified acquisitions will be completed within the anticipated timeframes expressed above or at all. These transactions are all conditional upon financing.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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