InnVest REIT closes $42M public equity offering

5
InnVest Real Estate Investment Trust closed its previously announced public offering of 8.4 million units, on a bought deal basis, at a price of $5 per unit for aggregate gross proceeds of $42 million. The offering was conducted through a syndicate of underwriters co-led by RBC Capital Markets and BMO Capital Markets.

Highlighting their support and commitment to the long-term growth of InnVest, funds managed by KingSett Capital and Orange Capital, LLC, two of InnVest's largest unitholders, participated in the offering on an aggregate pro rata basis approximately equivalent to their respective ownership interests in InnVest.  In addition, certain trustees of InnVest and Westmont Hospitality Group also purchased an aggregate of approximately $2 million in units.

InnVest intends to use the net proceeds of the offering to fund the previously announced acquisitions of the 100-percent interest in Hotel Saskatchewan in Regina, Saskatchewan, and the 33-percent interest in the Courtyard by Marriott in Toronto with KingSett, capital expenditures, debt repayment and for general trust purposes.

Virtual Event

Hotel Optimization Part 3 | Available On Demand

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event, now available on demand, for expert panels focused on getting you back to profitability.


Read more on