On November 15, 2004, First Asset Equal Weight REIT Income Fund, a closed-end investment trust, completed its initial public offering of 11.5 million units at $10 per unit, payable in cash or by an exchange of freely tradeable units of certain eligible issuers. The Fund has granted the agents for the offering an over-allotment option to acquire up to an additional 1.725 million units.
The Fund’s portfolio will be comprised of an approximate equal dollar amount of securities of each REIT listed on the Toronto Stock Exchange that pays a regular distribution and that has a market capitalization of at least $300 million at the time of investment. The portfolio will be rebalanced annually to adjust for changes in market capitalizations, to add newly qualified REITs and to remove those REITs that cease to qualify under the Fund’s investment guidelines.
The syndicate of agents for the offering was led by CIBC World Markets Inc. and RBC Dominion Securities Inc., and included BMO Nesbitt Burns Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., Dundee Securities Corp., First Associates Investments Inc., Raymond James Ltd. and Wellington West Capital Inc.
Blake, Cassels & Graydon LLP acted for First Asset Funds Inc., the manager of the Fund, and the Fund with a team comprised of Jeff Glass, Anoop Dogra and Robyn Keinick (securities/corporate), Ron Richler (tax) and Sam Principi (structured finance).
The agents were represented by McMillian Binch LLP with a team comprised of Margaret McNee, Michael Campbell and Banu Unal (securities/corporate) and Mark Lobsinger (tax).