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

Inovalis Real Estate Investment Trust  announced  that it has completed its initial public offering of trust units, raising gross proceeds of $105,000,000. A total of 10,500,000 trust units were sold at a price of $10.00 per 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 Offering is being underwritten by a syndicate of underwriters led by Desjardins Securities Inc. and including GMP Securities L.P., Macquarie Capital Markets Canada Ltd., Laurentian Bank Securities Inc., UBS Securities Canada Inc., Manulife Securities Incorporated, Burgeonvest Bick Securities Limited, Industrial Alliance Securities Inc. and Mackie Research Capital Corporation.
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 today on the Toronto Stock Exchange under the symbol "INO.UN".
Inovalis will indirectly retain an approximate 12.3% ownership interest in the REIT on a fully exchanged basis (approximately 10% if the over-allotment option is exercised in full) through the ownership of trust units and exchangeable securities of a subsidiary of the REIT, which exchangeable securities are economically equivalent to, and exchangeable for, trust units of the REIT.
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. Declared distributions will be paid on or about the 15th day of each month to unitholders of record at the close of business on the last business day of the immediately preceding month.

on April 10, 2013