TORONTO, July 22, 2015 /CNW/ - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today that the underwriters have exercised in full the over-allotment option (the "Over-Allotment Option") granted to the underwriters in connection with InnVest's public offering of 8,400,000 units completed on July 15, 2015 (the "Offering") and purchased on this date an additional 1,260,000 units of InnVest at a price of $5.00 per unit. InnVest has received additional gross proceeds of $6,300,000 from the exercise of the Over-Allotment Option. The aggregate gross proceeds from the Offering, including the Over-Allotment Option, total $48,300,000. The Offering was conducted through a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets.
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities in any jurisdiction. This news release does not constitute an offer of securities for sale in the United States and the securities referred to in this news release may not be offered or sold in the United States absent a registration or an exemption from registration.
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 109 hotels across Canada representing over 15,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.E, INN.DB.F and INN.DB.G.
SOURCE InnVest Real Estate Investment Trust
For further information: Denise Achonu, Vice President Finance, Tel: (416) 607-2333, Website: www.innvestreit.com