Marwest Apartment Real Estate Investment Trust : REIT Announces Filing of Preliminary Prospectus and Implementation of Cash Distributions
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WINNIPEG, MB, July 7, 2021 / CNW / – The Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) is pleased to announce today that it has received a a preliminary prospectus for the proposed public offering (the “Offering”) of shares in the REIT (the “Offered Shares”) with the securities regulators in each of the provinces and territories in Canada, except the Province of Quebec, for a minimum gross proceeds of approximately 5, $ 0 million and a maximum gross proceeds of approximately $ 9.0 million.
Each Unit Offered consists of: (i) one (1) Trust Unit (a “Trust Unit”) of the REIT; and (ii) a Warrant to Purchase Trust Units that entitles the holder to purchase one (1) additional Trust Unit at any time up to and including the date that is twelve (12) months after the closing of the Offering.
The offering is being carried out by a consortium of agents led by Canaccord Genuity Corp. managed, including CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., iA Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited and Wellington-Altus Private Wealth Inc.
The REIT has applied for the issue of the Trust Units pursuant to the offering on the Toronto Stock Venture Exchange (the “TSXV”). The listing is subject to the approval of the TSXV.
Additionally, the REIT intends to adopt a distribution policy whereby it will make monthly cash distributions to shareholders, initially at $ 0.015 per Trust Share on an annual basis ($ 0.00125 per Trust Share on a monthly basis), which is a Payout represents approximately 20% of the REIT’s estimated run-rate AFFO. The management of the REIT believes that the REIT’s initial cash distribution policy should allow the REIT to meet its internal funding needs while supporting stable growth in cash distributions. The first distribution is expected to be on December 31, 2021, with the payment being made on or around January 15, 2022.
About Marwest Apartment REIT
The REIT is an unregistered open trust subject to the laws of the province of Manitoba. The REIT was formed to provide shareholders with the opportunity to invest in Canada’s multi-family rental sector by owning high quality, high yielding real estate, with an initial focus on stable markets across Western Canada.
Forward-Looking Statements
The information in this press release contains certain information and statements about management’s views about future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions that are subject to considerable risks and uncertainties. Due to these risks and uncertainties, as well as a variety of factors, the actual results, expectations, performance or performance may differ materially from those expected and stated in these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the implementation of a cash distribution policy. A number of factors could cause actual results to differ materially from these forward-looking statements. Payment of cash distributions will depend on a number of factors including, but not limited to, the financial performance, financial condition and financial requirements of the REIT. Although the management of the REIT believes that the expectations reflected in forward-looking statements are reasonable, there can be no assurances that the expectations in forward-looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and undertakes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, or changes in factors affecting such future –Search for statements or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
The Trust Shares are not registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) and may not be offered or sold within the United States or to or for the account or for the benefit of US persons except in certain transactions that are exempt from the registration requirements of the US Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the REIT in the United States or any other jurisdiction.
SOURCE Marwest Apartment Real Estate Investment Trust
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