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TORONTO, July 10, 2018 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) and Minto Properties Inc. announced today, in connection with the REIT's recently completed initial public offering ("IPO") of 13,794,000 trust units ("units") at a price of $14.50 per unit, that the over-allotment option granted to the underwriters to purchase up to 2,069,100 additional units was exercised in full, generating additional gross proceeds to the REIT of $30,001,950. The sale of the additional units today brings the REIT's aggregate gross IPO proceeds to approximately $230 million. The net proceeds from the exercise of the over-allotment option were used to reduce the retained interest held by a subsidiary of Minto Properties Inc. Further information regarding the principal unitholder of the REIT is set out in the REIT's final prospectus dated June 22, 2018.
Following the closing of the overallotment option, there are 15,863,100 units issued and outstanding. In addition, there are 20,859,410 class B units of Minto Apartment Limited Partnership, a subsidiary of the REIT, issued and outstanding (the "retained interest"). The Class B units are economically equivalent to and exchangeable for units of the REIT on a one-for-one basis and represent an aggregate 56.8% ownership interest in the REIT (determined as if all exchangeable securities are exchanged for units of the REIT).
No securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Minto Apartment Real Estate Investment Trust in any jurisdiction.
About Minto Apartment Real Estate Investment Trust
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of 22 high-quality income-producing multi-residential rental properties consisting of 4,279 suites, located in Toronto, Ottawa, Calgary and Edmonton. For more information on Minto Apartment REIT, please visit the REIT's website at: https://www.mintoapartments.com/.
About Minto / Minto Properties Inc.
Minto Properties, a division of The Minto Group of companies, provides certain services to the REIT. The Minto Group is one of the premier real estate companies in Canada with a fully integrated real estate investment, development and management platform. As an investment manager, Minto also manages private capital on behalf of institutional clients. Minto has been well recognized by the Canadian real estate industry for its leadership. For more information on Minto, please visit its website at: https://www.minto.com/.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended monthly distributions of the REIT. The forward-looking statements in this news release are based on certain assumptions, including without limitation that the REIT will have sufficient cash to pay its distributions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's final prospectus available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Minto Apartment Real Estate Investment Trust
For further information: Michael Waters, Chief Executive Officer, Minto Apartment Real Estate Investment Trust, Tel: 613.230.7051