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Inovalis Real Estate Investment Trust Completes $105 Million Initial Public Offering


Wednesday, 10 Apr 2013 09:15am EDT 

Inovalis Real Estate Investment Trust announced that it has completed its Initial Public Offering (IPO) of trust units, raising gross proceeds of $105,000,000. A total of 10,500,000 trust units were sold at a price of $10.00per trust unit. The REIT has granted to the underwriters of the offering an option to purchase up to an additional 15% of the trust units sold at closing of the offering at a price of $10.00 per trust unit for a period of 30 days after closing of the offering, which, if exercised in full, will increase the total gross proceeds of the offering to approximately $120,750,000. The net proceeds will be used by the REIT to indirectly acquire income-producing properties that are currently being managed by Inovalis S.A. (Inovalis), with the balance to be used for general trust purposes. The trust units will commence trading on April 10, 2013 on the Toronto Stock Exchange under the symbol INO.UN. The REIT initially intends to make monthly cash distributions of $0.06875 per trust unit to holders of trust units. The first distribution of the REIT will be for the period from closing to May 31, 2013 and will be paid on or about June 17, 2013, in the amount of $0.11688 per trust unit. 

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28 Aug 2014