CALGARY, Oct. 3, 2012 /CNW/ - Middlefield Can-Global REIT Income Fund ("Middlefield Can-Global" or the "Fund"), is offering units of the Fund (the "Units") to investors at a price of $10.00 per Unit in exchange for securities of the issuers listed in the table below (collectively, the "Exchange Eligible Issuers") or for cash subscriptions.
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 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 expected to be 6.5% per annum based on the original subscription price (or $0.05416 per Unit per month or $0.65 per Unit per annum).
Middlefield Capital Corporation will act as the investment advisor to the Fund.
Prospective purchasers who elect to pay for Units using the exchange option are required to deposit their securities of Exchange Eligible Issuers with MFL Management Limited through CDS Clearing and Depository Services Inc. prior to 5:00 p.m. (Toronto time) on October 25, 2012. Prospective purchasers should consult with their investment broker or advisor for additional information regarding purchasing Units pursuant to the exchange option. The number of Units issuable in exchange for the securities of an Exchange Eligible Issuer (the "Exchange Ratio") will be determined by dividing the weighted average trading price of such securities on the Toronto Stock Exchange (or such other exchange or market on which such securities are then listed) during the period of five consecutive trading days ending on November 9, 2012, as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00.
The Fund will issue a press release as soon as practicable after the close of business on November 9, 2012 announcing the Exchange Ratio in respect of the securities of each Exchange Eligible Issuer.
Each prospective purchaser of Units pursuant to the exchange option will have the right to withdraw such deposit of securities of Exchange Eligible Issuers by providing written notice of such withdrawal on or before midnight on the second business day after the later of (i) receipt or deemed receipt of the final prospectus of the Fund relating to the offering of Units, and (ii) the date on which the press release referred to above is issued.
The following table lists the name of each Exchange Eligible Issuer, as well as the ticker symbol, CUSIP number and ISIN of the securities of such issuers that will be accepted pursuant to the exchange option.
|Allied Properties Real Estate Investment Trust||AP-U||019456102||CA0194561027|
|Artis Real Estate Investment Trust||AX-U||04315L105||CA04315L1058|
|Boardwalk Real Estate Investment Trust||BEI-U||096631106||CA0966311064|
|Brookfield Canada Office Properties||BOX-U||112823109||CA1128231091|
|Brookfield Office Properties Inc.||BPO||112900105||CA1129001055|
|Calloway Real Estate Investment Trust||CWT-U||131253205||CA1312532056|
|Canadian Apartment Properties Real Estate Investment Trust||CAR-U||134921105||CA1349211054|
|Canadian Real Estate Investment Trust||REF-U||13650J104||CA13650J1049|
|Chartwell Seniors Housing Real Estate Investment Trust||CSH-U||16140U100||CA16140U1003|
|Cominar Real Estate Investment Trust||CUF-U||199910100||CA1999101001|
|Crombie Real Estate Investment Trust||CRR-U||227107109||CA2271071094|
|Dundee Industrial Real Estate Investment Trust||DIR-U||26518K105||CA26518K1057|
|Dundee International Real Estate Investment Trust||DI-U||26518R209||CA26518R2090|
|Dundee Real Estate Investment Trust||D-U||265270207||CA2652702077|
|First Capital Realty Inc.||FCR||31943B100||CA31943B1004|
|H&R Real Estate Investment Trust||HR-U||404428203||CA4044282032|
|HealthLease Properties Real Estate Investment Trust||HLP-U||422239103||CA4222391035|
|InnVest Real Estate Investment Trust||INN-U||45771T132||CA45771T1324|
|iShares S&P/TSX Capped REIT Index Fund||XRE||46431D103||CA46431D1033|
|Killam Properties Inc.||KMP||494104870||CA4941048700|
|NorthWest Healthcare Properties Real Estate Investment Trust||NWH-U||667495105||CA6674951059|
|Primaris Retail Real Estate Investment Trust||PMZ-U||74157U109||CA74157U1093|
|Pure Industrial Real Estate Trust||AAR-U||74623T108||CA74623T1084|
|RioCan Real Estate Investment Trust||REI-U||766910103||CA7669101031|
The syndicate of agents is being co-led by CIBC and RBC Capital Markets and includes 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.
A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in all jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the agents named above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
SOURCE: Middlefield Can-Global REIT Income Fund
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.