InnVest REIT completes offering

On July 6, 2015, InnVest Real Estate Investment Trust (InnVest) reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets to sell on a bought deal basis, 8,400,000 units at a price of $5.00 per unit for aggregate gross proceeds of $42,000,000 (the Initial Offering). The Initial Offering closed on July 15, 2015. The underwriters subsequently exercised in full their over-allotment option, for additional gross proceeds of $6.3 million. The aggregate gross proceeds for the offering, including the over-allotment option, total $48,300,000. InnVest intends to use the net proceeds from the offering in part to fund the acquisition of a 100 per cent interest in Hotel Saskatchewan, and a 33 per cent interest in the Courtyard by Marriott in Toronto.

On July 6, 2015, InnVest Real Estate Investment Trust (InnVest) reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets to sell on a bought deal basis, 8,400,000 units at a price of $5.00 per unit for aggregate gross proceeds of $42,000,000 (the Initial Offering). The Initial Offering closed on July 15, 2015. The underwriters subsequently exercised in full their over-allotment option, for additional gross proceeds of $6.3 million. The aggregate gross proceeds for the offering, including the over-allotment option, total $48,300,000. InnVest intends to use the net proceeds from the offering in part to fund the acquisition of a 100 per cent interest in Hotel Saskatchewan, and a 33 per cent interest in the Courtyard by Marriott in Toronto.

Norton Rose Fulbright Canada LLP acted for InnVest on all aspects of the bought deal Public Offering. The team included Walied Soliman, Manny Rivera, Pierre Dagenais, Andrea Brewer, Bruce Sheiner, Seemal Patel, Jenny Yoo (corporate finance and securities) and Barry Segal (tax).

Osler, Hoskin & Harcourt LLP acted as legal counsel to the underwriters with a team lead by Chris Murray and included Matthew Sadofsky, Daniel Fombonne (corporate finance and securities), Matthew Ritchie (real estate) and Tim Hughes (tax).