VANCOUVER, July 18, 2012 /CNW/ - Pure Multi-Family REIT LP ("REIT LP") (TSXV: RUF.U) is pleased to announce that it has completed the issuance today of 1,500,000 class A limited partnership units ("Units") at a price of US$5.00 per Unit for total proceeds of US$7,500,000 pursuant to the exercise in full of the over-allotment option (the "Over-Allotment"). The Over-Allotment was granted by the REIT LP to the syndicate of agents in connection with the REIT LP's initial public offering ("IPO") which was completed on July 10, 2012. Including the IPO and Over-Allotment, total aggregate proceeds to the REIT LP were US$57,500,000.
The syndicate of agents was co-led by Dundee Securities Ltd. and Canaccord Genuity Corp., and included National Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc., GMP Securities L.P., Desjardins Securities Inc., HSBC Securities Inc., Macquarie Capital Markets Canada Ltd., Sora Group Wealth Advisors Inc., and Union Securities Ltd. The REIT LP paid the Agents a fee equal to 6% of the gross proceeds of the Over-Allotment.
The net proceeds from the IPO and the Over-Allotment will be used by the REIT LP primarily for property acquisitions and general corporate purposes.
The Units are listed on the TSX Venture Exchange under the symbol RUF.U. The REIT LP currently has 11,500,000 Units issued and outstanding.
About Pure Multi-Family REIT LP
The REIT LP is a limited partnership formed under the Limited Partnerships Act (Ontario) to invest in quality multi-family real estate properties in major markets in the United States. The REIT LP is focused exclusively on investments in multi-family real estate properties in the United States and is currently the only publicly traded vehicle in Canada which offers investors exclusive exposure to U.S. multi-family real estate assets.
Additional information about Pure Multi-Family REIT LP is available at www.sedar.com.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Director of Investor Relations
Pure Multi-Family REIT LP
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959