InterRent Real Estate Investment Trust has entered into an agreement with a syndicate of underwriters co-led by Dundee Securities and GMP Securities to purchase 11,486,000 trust units of the issuer at a price of USD6.53 per trust unit.
The syndicate also includes Canaccord Genuity Corp, BMO Capital Markets, Scotiabank, TD Securities, Desjardins Securities, Raymond James and M Partners, which the deal will generate gross proceeds of USD75,003,580 on a bought deal basis.
The issuer has also granted the underwriters an over-allotment option to increase the size of the offering by up to an additional 15 per cent, such option being exercisable in whole or in part at any time prior to 30 days after the closing of the offering.
The net proceeds from the offering will be used for working capital and general trust purposes.
Closing of the offering is anticipated to occur on or about 20 March and is subject to the receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange.
The trust units will be offered in all provinces of Canada by way of a short form prospectus.