Capital Markets

The underwriters in a $48.3 million equity offering by InnVest Real Estate Investment Trust

The underwriters
Expertise
Capital Markets
Key Contact
Christopher Murray

Partner, Corporate, Toronto

Team
Matthew Ritchie

Partner, Real Estate, Toronto

Timothy Hughes

Partner, Tax, Toronto

On July 15, 2015, InnVest Real Estate Investment Trust completed a public offering of units, on a bought deal basis, for aggregate gross proceeds of $42 million. The underwriters subsequently exercised in full their over-allotment option, and purchased an additional 1,260,000 Units on July 22, for additional gross proceeds of $6.3 million. The total aggregate proceeds for the offering, including the over-allotment option, total $48.3 million. Funds managed by KingSett Capital and Orange Capital, LLC, two of InnVest’s largest unitholders, participated in the offering on an aggregate pro rata basis approximately equivalent to their respective ownership interests in InnVest.  InnVest intends to use the net proceeds of the offering to fund the previously announced acquisitions of the 100% interest in Hotel Saskatchewan in Regina, Saskatchewan and the 33% interest in the Courtyard by Marriott in Toronto, Ontario with KingSett Capital, capital expenditures, debt repayment and for general trust purposes. The offering was conducted through a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets.

The underwriters were represented by Osler with a team comprised of Chris Murray, Matthew Sadofsky, Daniel Fombonne (corporate finance and securities), Matthew Ritchie (real estate) and Tim Hughes (tax).

Value
$48.3 million
Date Closed
July 15, 2015
Lead Office
Toronto
Key Contact
Christopher Murray

Partner, Corporate, Toronto

Team
Matthew Ritchie

Partner, Real Estate, Toronto

Timothy Hughes

Partner, Tax, Toronto