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.