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).

Structure

Structure

The Fund subscription proceeds described below are used by the Fund to subscribe for a general partner interest in a subsidiary general partnership (Holding GP) with the other general partner (Holding GP) being an Ontario corporation owned by the Manager. The Fund General Partner also is owned by the Manager. The Fund may also subscribe for interest-bearing notes of Holding GP.

Overview of structure

An Ontario LP ("REIT LP") that will trade on the TSX Venture Exchange invests in a Maryland corporation (holding US apartment buildings) that qualifies as a US private REIT. Management is not entitled to fees (other than expense reimbursement); but the Managing GP holds Class B units of REIT LP that stay fixed at a 5% interest, notwithstanding subsequent Class A unit issuances to the public, until the market cap reaches $300 million (or there is a successful takeover). No (cross-border) internal debt.