Middlefield Can-Global REIT Income Fund IPO Closes at $75 Million
TORONTO, Nov. 19, 2012 /CNW/ - Middlefield Group, on behalf of Middlefield Can-Global REIT Income Fund (the "Fund"), is pleased to announce that the Fund has completed its initial public offering of 7,500,000 units (the "Units") at a price of $10.00 per Unit for gross proceeds of $75,000,000.
Middlefield Can-Global REIT Income Fund has been designed to provide investors with low-cost exposure to the global and Canadian real estate sectors.
The Fund's investment objectives are to:
(i) provide holders of Units with stable monthly cash distributions, and
(ii) enhance long-term total return through capital appreciation of the Fund's investment portfolio,
through an investment strategy which is focused on primarily equity-based securities of issuers operating in the Canadian and global real estate sectors utilizing active and low-cost passive portfolio management.
The initial portfolio will consist of real estate issuers with assets predominantly located in the U.S., Canada, Hong Kong and Japan.
The initial target distribution yield for the Fund is 6.5% per annum based on the original subscription price (or $0.05416 per Unit per month or $0.65 per Unit per annum).
The initial distribution of $0.05416 per Unit will be payable on January 15, 2013 to unitholders of the Fund of record on December 31, 2012.
Middlefield Capital Corporation will act as the investment advisor to the Fund.
The syndicate of agents was being co-led by CIBC and RBC Capital Markets and included BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Middlefield Capital Corporation, Dundee Securities Ltd. and Mackie Research Capital Corporation.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor. Investors should read the prospectus before making an investment decision.
SOURCE: Middlefield Can-Global REIT Income Fund
please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing, at 416.847.5349 or 1.888.890.1868.
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