TORONTO, Oct. 17, 2012 /CNW/ - North American REIT Income Fund (the "Fund") announced today that it has increased its initial distribution target to $0.05 per unit of the Fund (the "Units") per month ($0.60 per annual to yield 6.0% on the subscription price of $10.00 per Unit). The Fund will not have a fixed distribution amount but intends to at least annually set periodic distribution targets.
The Fund's investment objectives are to provide holders of Units with (a) stable monthly distributions; and (b) the opportunity for capital appreciation. The Fund has been created to invest in an actively managed portfolio (the "Portfolio") comprised primarily of listed equity securities issued by real estate investment trusts ("REITs") and to a lesser extent other issuers principally engaged in the real estate industry in Canada and the United States. The Portfolio will be managed by CBRE Clarion Securities LLC. The Fund will be managed by Propel Capital Corporation ("Propel").
The syndicate of agents for this offering is being led by RBC Capital Markets and CIBC, and includes GMP Securities L.P., BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd., and Manulife Securities Incorporated.
A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the agents noted 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: Propel Capital Corporation
For further information:
please call Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca