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WINNIPEG, MB, Aug. 10, 2021 /CNW/ – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) is pleased to announce today that it has closed its previously announced public offering (the “Offering”) of units of the REIT (the “Offered Units”), raising gross proceeds of approximately $4.7 million. The REIT issued an aggregate of 4,271,891 Offered Units in connection with the Offering at a price of $1.10 per Offered Unit. Each Offered Unit is comprised of: (i) one trust unit (a “Trust Unit”) of the REIT; and (ii) one Trust Unit purchase warrant entitling the holder thereof to purchase one additional Trust Unit at any time up to and including the date that is 12 months from the closing date of the Offering at a price of $1.20.
The REIT intends to use all or substantially all of the net proceeds of the Offering to fund the purchase price and associated costs of one or more property acquisitions in its current potential acquisition pipeline. As at the date hereof, the REIT does not have any definitive agreement with respect to future property acquisition(s), but has identified a number of properties owned by entities which are partially owned by the principals of the REIT’s asset manager or affiliates thereof on which it intends to conduct due diligence, as more particularly described in the REIT’s final short form prospectus dated August 3, 2021.
The Offering was managed by a syndicate of agents led by Canaccord Genuity Corp. and 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.
About Marwest Apartment REIT
The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide its Unitholders with the opportunity to invest in the Canadian multi-family rental sector through the ownership of high-quality income-producing properties, with an initial focus on stable markets throughout Western Canada.
The information in this news release includes certain information and statements about management’s views of future events, expectations, plans and prospects that constitute forward–looking statements including statements regarding the REIT’s intention to use the net proceeds of the Offering to fund the purchase price and associated costs of one or more property acquisitions in its current potential acquisition pipeline. These statements are based upon assumptions that are subject to significant risks and uncertainties. In particular, the REIT’s acquisition of additional properties is dependent on the satisfactory completion of due diligence, the negotiation and execution of agreements of purchase and sale and a number of other conditions. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward–looking statements. There can be no assurance that the REIT will be able to complete such acquistions. Although management of the REIT believes that the expectations reflected in forward–looking statements are reasonable, it can give no assurances that the expectations of any forward–looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes 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, changes in factors affecting such forward–looking 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 news release.
The Trust Units are not registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the REIT in the United States or in any other jurisdiction.
SOURCE Marwest Apartment Real Estate Investment Trust
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