Overview

With a view to all the common shareholders of ISG becoming the unitholders of the Trust, which is expected to be a REIT, ISG will sell its sole real estate asset and then, under a CBCA Plan of Arrangement, each ISG common shareholder will have the option of redeeming its shares for cash or for units of the Trust, so that following the Plan of Arrangement, ISG will be wholly-owned by the Trust.

For further details

see the more detailed discussion under Spin-offs - S. 84(3) Redemption Spin-offs.

Open-end REIT/Exchangeable unit structure

Overview

Offering of 14.72M instalment receipt units ("Receipt Units") to be distributed to the public and of 4.95M (fully-paid) "LT/Greenwin Units" described below. A portion of the proceeds will be used to prepay $175M of rent under 35 year leases of eight apartment buildings to RESREIT.

Receipt Units

The initial instalment payable at closing is $6.00 per unit and the fianl instalment is $4.00 per unit payable on or before the first anniversary of closing. The Receipt Units will be pledged to secure the final instalment.

Offering

Each Class will have its own investment portfolio comprised of CEE flow through shares, CDE flow through shares, and CEE flow through shares most suitable for residents of Québec (i.e., for CEE flow through share issuers primarily in Québec).

Overview

Overview

The REIT, which is an Ontario unit trust, is offering 10.5M units for $105M. It will acquire four leasehold interests in French and German office properties, which are currently managed by a privately owned investment management company with a Parisian head office ("Inovalis"). The aggregate acquisition cost of these leaseholds plus aggregate option exercise prices to acquire the related properties will be less than the properties' appraised value of €165 million (including €144 million for the French properties).

Overview

Offering of 20 million REIT units ($200 million). Through an indirectly owned Delaware LP (the "Partnership"), the REIT will acquire a portfolio of 52 multi-family residential rental properties in the U.S, appraised at $1.2B. Prior to the offering, ownership and profit interests in the Partnership were held by a partnership ("Milesouth"), which was affiliated with Invesco Ltd., and by an affiliated LLC ("MST Investors"). Milesouth and MST Investors will hold exchangeable Class B units of the Partnership.

Overview of structure

Offering

Of units of the REIT, which is TSXV-listed, at $2.00 per unit for gross proceeds of $25M ($28.75M if over-allotment).