TORONTO, Sept. 28, 2012 /CNW/ - North American REIT Income Fund (the "Fund") announces that it has filed a preliminary prospectus dated September 27, 2012 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of transferable trust units (the "Units") of the Fund at $10.00 per Unit.
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 initial distribution target for the Fund is $0.04167 per Unit per month ($0.50 per annum to yield 5.0% 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.
Prospective purchasers may purchase Units either by cash payment or an exchange of freely tradeable securities described in the table below. Prospective purchasers under the exchange option will be required to deposit their exchange eligible securities prior to 5:00 p.m. (Toronto time) on November 9, 2012, in the manner described in the preliminary prospectus.
|Allied Properties Real Estate Investment Trust||AP.UN||019456102|
|Artis Real Estate Investment Trust||AX.UN||04315L105|
|Boardwalk Real Estate Investment Trust||BEI.UN||096631106|
|Brookfield Office Properties Canada||BOX.UN||112823109|
|Brookfield Office Properties Inc.||BPO||112900105|
|Calloway Real Estate Investment Trust||CWT.UN||131253205|
|Canadian Apartment Properties Real Estate Investment Trust||CAR.UN||134921105|
|Canadian Real Estate Investment Trust||REF.UN||13650J104|
|Chartwell Seniors Housing Real Estate Investment Trust||CSH.UN||16140U100|
|Cominar Real Estate Investment Trust||CUF.UN||199910100|
|Crombie Real Estate Investment Trust||CUF.UN||199910100|
|Dundee Real Estate Investment Trust||D.UN||265270207|
|Extendicare Real Estate Investment Trust||EXE.UN||302251103|
|First Capital Realty Inc.||FCR||31943B100|
|H&R Real Estate Investment Trust||HR.UN||404428203|
|InnVest Real Estate Investment Trust||INN.UN||45778F101|
|Killam Properties Inc.||KMP||494104870|
|Morguard Real Estate Investment Trust||MRT.UN||617914106|
|Northwest Healthcare Properties Real Estate Investment Trust||NWH.UN||667495105|
|Primaris Retail Real Estate Investment Trust||PMZ.UN||74157U109|
|RioCan Real Estate Investment Trust||REI.UN||766910103|
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