VANCOUVER, July 10, 2012 /CNW/ - Pure Multi-Family REIT LP (the "REIT
LP") announced today that it has completed its initial public offering
(the "Offering"). Pursuant to the Offering, the REIT LP issued
10,000,000 class A limited partnership units ("Units") at a price of
US$5.00 per Unit, for total gross proceeds of US$50,000,000. In
addition, the REIT LP announced today that the Units, which were listed
for trading on the TSX Venture Exchange ("TSX-V") on July 9, 2012 under
the symbol "RUF.U", commenced trading at the opening of business today.
The Units were offered through a syndicate of agents led by Dundee
Securities Ltd. and Canaccord Genuity Corp., and including National
Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc., GMP
Securities L.P., Desjardins Securities Inc., HSBC Securities (Canada)
Inc., Macquarie Capital Markets Canada Ltd., Sora Group Wealth Advisors
Inc. and Union Securities Ltd. (collectively, the "Agents"). The REIT
LP paid the Agents a fee equal to 6% of the gross proceeds of the
The REIT LP has granted the Agents an over-allotment option to purchase
up to an additional 1,500,000 Units at a price of US$5.00 for a period
of up to 30 days after the closing of the Offering. If the
over-allotment option is exercised in full, the total gross proceeds to
the REIT LP will increase to US$57,500,000.
Pure Multi-Family Management Limited Partnership (the "Managing GP") is
the managing general partner of the REIT LP. The Managing GP is
affiliated with Sunstone Realty Advisors Inc. ("Sunstone") and
controlled by Darren Latoski and Stephen Evans (together with Sunstone,
the "Sunstone Group"). This relationship gives the REIT LP access to
the Sunstone Group's experienced management team and extensive network
of relationships in the United States multi-family real estate market.
Since 2002, the Sunstone Group has identified, acquired, managed and
divested approximately $1.2 billion in income-producing real estate in
Canada and the United States, including over $200 million in nine U.S.
multi-family real estate properties acquired since 2008.
Upon the completion of the Offering, the REIT LP intends to use the net
proceeds of the Offering to indirectly acquire a portfolio of 390
multi-family residential units in two properties located in the
Dallas-Fort Worth area (the "Initial Portfolio"). A portion of the
proceeds will also be used to pay the costs related to the purchase of
the Initial Portfolio and the expenses of the Offering. The additional
proceeds will be used to acquire additional multi-family properties and
for general corporate purposes.
The REIT LP's initial monthly distribution has been set at $0.36 per
Unit per annum and will be pro-rated for the period between the closing
of the Offering and the record date for the first distribution. The
first distribution will be payable on August 15, 2012 to unitholders of
record on July 31, 2012.
About Pure Multi-Family REIT LP
The Managing GP and Pure Multi-Family REIT (GP) Inc., the governing
general partner of the REIT LP, have established the REIT LP to provide
an opportunity for investors to gain exposure to multi-family real
estate properties in the United States, benefitting from the proven
track record of the Sunstone Group. The REIT LP is a Canadian limited
partnership focused exclusively on investments in multi-family real
estate properties in the United States and, on closing of the Offering,
is expected to be the only publicly traded vehicle in Canada which will
offer investors exclusive exposure to U.S. multi-family real estate
Additional information about Pure Multi-Family REIT LP is available at www.sedar.com.
This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or
dissemination in the United States. The securities being offered have
not, nor will they be registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons absent
U.S. registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
Certain statements contained in this news release may constitute
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "anticipate",
"plan", "expect", "may", "will", "intend", "should", and similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking
statements. The forward-looking statements contained in this news
release are based on certain key expectations and assumptions made by
the REIT LP, including: (i) the REIT LP intends to use the net proceeds
of the Offering to indirectly acquire a portfolio comprising an
aggregate of 390 multi-family residential units in two properties
located in the Dallas-Fort Worth area (the "Initial Portfolio"), and
(ii) the REIT LP is a Canadian limited partnership focused exclusively
on investments in multi-family real estate properties in the United
States and on closing of the Offering is expected to be the only
publicly traded vehicle in Canada which will offer investors exclusive
exposure to U.S. multi-family real estate assets.
Although the REIT LP believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements because
the REIT LP can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, competitive factors in the industries in which the REIT LP
operates, prevailing economic conditions, and other factors, many of
which are beyond the control of the REIT LP.
The forward-looking statements contained in this news release represent
REIT LP's expectations as of the date hereof, and are subject to change
after such date. The REIT LP disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of
new information, future events or otherwise, except as required under
applicable securities regulations.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(as that term is defined in the policies of the TSX Venture Exchange)
HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY
OF THIS RELEASE.
SOURCE Pure Multi-Family REIT LP
For further information:
Director of Investor Relations
Pure Multi-Family REIT LP
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959