InterRent REIT closes $201 million bought deal financing

2 minute read
09 July 2019

On July 9, 2019, InterRent Real Estate Investment Trust (TSX: IIP.UN) announced the closing of its previously announced public offering of 14,375,000 trust units from treasury, including the full exercise of the over-allotment option granted to the underwriters, for gross proceeds of $201,250,000.

The offering was made on a bought deal basis pursuant to an underwriting agreement with a syndicate of underwriters with Scotia Capital Inc., Desjardins Securities Inc., and BMO Nesbitt Burns Inc., as co-lead underwriters, and which included RBC Dominion Securities Inc., TD Securities Inc., Canaccord Genuity Corp., CIBC World Markets Inc., Echelon Wealth Partners Inc., National Bank Financial Inc., Raymond James Ltd., Industrial Alliance Securities Inc., GMP Securities L.P., and Laurentian Bank Securities Inc.

InterRent is a growth-oriented real estate investment trust engaged in increasing unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.

Gowling WLG advised InterRent with respect to this financing with a team that included Michael Clancy (client team leader), Bryce Kraeker (transaction leader), Radhika Vaidyanathan (corporate finance) and Mariam Al-Shikarchy and Paul Carenza (tax).

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