InterRent REIT closes $230 million bought deal financing

04 June 2020

On June 4, 2020, InterRent Real Estate Investment Trust (TSX-IIP.UN) ("InterRent") announced the closing of its previously announced public offering of 15,709,000 trust units from treasury, which includes the full exercise of the over-allotment option granted to the underwriters in connection with the offering, for gross proceeds of $230,136,850.

The offering was made on a bought deal basis pursuant to an underwriting agreement with a syndicate of underwriters with Scotia Capital Inc., BMO Nesbitt Burns Inc., and Desjardins Securities Inc., as co-lead underwriters, and which included RBC Dominion Securities Inc., TD Securities Inc., Canaccord Genuity Corp., Echelon Wealth Partners Inc., National Bank Financial Inc., Raymond James Ltd., CIBC World Markets Inc., Industrial Alliance Securities Inc., 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 offering with a team that included Michael Clancy (client team leader), Bryce Kraeker (transaction leader), Radhika Vaidyanathan and Pierre Lissoir (corporate finance) and Mariam Al-Shikarchy (tax).

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