TSX Symbol: GRL
CALGARY, Aug. 21, 2015 /CNW/ - Middlefield Group, on behalf of Global Real Estate Dividend Growers Corp. (the "Fund"), is pleased to announce that it completed the issuance of an additional 365,500 equity shares pursuant to the over-allotment option granted to the agents in the Fund's recently completed initial public offering. In aggregate, the Fund has raised gross proceeds of $113,655,000.
The Fund's investment objectives are to provide holders of shares with:
(i) stable monthly cash distributions and to grow distributions over time, and
(ii) enhanced long-term total return through capital appreciation of the Fund's investment portfolio,
through an investment strategy which focuses primarily on investing in securities of issuers operating in the global real estate sector and related industries and that have exhibited sustainable dividend growth.
The initial target distribution yield for the Fund is 6.0% per annum based on the original subscription price (or $0.05 per share per month or $0.60 per share per annum).
Middlefield Capital Corporation, the advisor, provides investment management advice to the Fund.
Middlefield Limited, the manager, intends that on or about December 15, 2017, the Fund will, subject to applicable law, merge on a tax-deferred basis with Middlefield Real Estate Class, an open-end mutual fund.
The syndicate of agents was co-led by CIBC, RBC Capital Markets and Scotiabank and includes BMO Capital Markets, TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated and Middlefield Capital Corporation.
SOURCE Global Real Estate Dividend Growers Corp.
For further information: 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.