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TORONTO, June 14, 2021 / CNW / – Leading Communities Real Estate Investment Fund (“REIT” or “Flagship“) (TSX: MHC.U) announced today that it has completed its previously announced public offering (“Sentence“) of 4,500,000 trust units (“Units“), including 500,000 Shares issued under an overdistribution option based on a sale and purchase transaction at a price US $ 18 per unit for total gross REIT revenue of USD 81.0 million… The placement was carried out by a syndicate of underwriters led by BMO Capital Markets and Canaccord Genuity Corp.
The REIT intends to use the net proceeds from the Proposal to finance the purchase price of the previously announced REIT acquisition of two high quality residential areas, consisting of 677 lots, at an aggregate purchase price of approximately USD 66.4 million (excluding closing and adjustments of transactions) (together “Acquisitions“) both to fund future acquisitions and for general commercial purposes.
About Flagship Communities Real Estate Investment Trust
Flagship Communities Real Estate Investment Trust is an open-ended, unincorporated, internally managed real estate investment fund established by a declaration of trust under provincial law Ontario… The REIT was formed to own and manage a portfolio of income-generating industrial residential neighborhoods located in Kentucky, Indiana, Ohio, Tennessee, Arkansas as well as Missouri; including a park of ready-made houses for renting out to residents of such villages.
This press release contains statements that include forward-looking information within the meaning of Canadian securities laws, including with respect to the use of net proceeds from the Offering, completion of Acquisitions and their timing. In some cases, forward-looking statements may be identified by terms such as “may,” “will,” “may,” “occur,” “expect,” “anticipate,” “believe,” “intend,” “estimate.” , “Purpose”, “project”, “forecast”, “forecast”, “continue” or their negation or other similar expressions concerning issues that are not historical facts.
These forward-looking statements reflect REIT’s current expectations of future events. The REIT bases these forward-looking statements on certain assumptions about future events and trends, including that the conditions for closing the Acquisitions will be met or canceled in a timely manner and that the Acquisitions will be completed in accordance with the current agreed terms. While management believes these assumptions are reasonable based on the information currently available, they may turn out to be incorrect. The REIT warns that this list of assumptions is not exhaustive.
While management believes that the expectations reflected in such forward-looking statements are reasonable and reflect the REIT’s current expectations and beliefs, such statements involve known and unknown risks and uncertainties and may be inaccurate, and certain goals and strategic objectives may not be accurate. … to be achieved. A variety of factors, many of which are beyond the control of the REIT, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied in such forward-looking statements, such as the risks identified in current REIT reports. the annual information form is available at www.sedar.com, including under the heading “Risks and Uncertainties” therein. Readers should not place undue reliance on forward-looking statements. Except as otherwise provided by applicable Canadian securities laws, the REIT assumes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise after the date on which those statements were made. …
SOURCE Flagship Communities Real Estate Investment Fund
View original content: http://www.newswire.ca/en/releases/archive/June2021/14/c1037.html