TORONTO, ONTARIO–(Marketwired – Sept. 16, 2015) –
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA. /
Timbercreek Global Real Estate Fund (TSX:TGF.UN) (the “Fund”) is pleased to announce it has completed the overnight marketing of 840,000 Class A Units (the “Units”) of the Fund. Total proceeds of the offering are expected to be approximately $11,818,800. The Fund has granted the underwriters an option, exercisable at the offering price at any time up to 48 hours prior to the closing of the offering, to purchase up to an additional 126,000 Units to cover over-allotments, if any. The syndicate of underwriters for the offering is being co-led by CIBC and Raymond James Ltd., and includes GMP Securities L.P., RBC Capital Markets, BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Manulife Securities Incorporated, Desjardins Securities Inc., Dundee Securities Ltd., Burgeonvest Bick Securities Ltd., Industrial Alliance Securities Inc. and Mackie Research Capital Corporation. The sales period of the overnight offering has now ended. The closing of the offering is expected to occur on or about September 29, 2015.
The Units will be offered at a price of $14.07 per Unit to yield 6.0% per annum on the issue price (based on the Fund’s current distribution target). The closing price on the Toronto Stock Exchange of the Units on September 15, 2015 was $14.15.
The Fund’s investment objectives are to provide holders of Units (“Unitholders”) with quarterly distributions currently targeted to be $0.21 per Unit ($0.84 per annum) until the next annual determination in March 2016; and preserve capital while providing the opportunity for long-term capital appreciation for Unitholders.
A preliminary short form prospectus for the offering was previously filed with the securities regulatory authorities in all provinces of Canada. An amended and restated preliminary short form prospectus is expected to be filed with the securities regulatory authorities in all provinces of Canada as soon as possible.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Manager’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
The amended and restated preliminary short form prospectus will contain important information relating to the Units. The amended and restated preliminary short form prospectus will remain subject to completion or amendment. Copies of the amended and restated preliminary short form prospectus will be available from your registered financial advisor using the contact information for such advisor, or from representatives of the underwriters listed above. There will not be any sale or acceptance of an offer to buy the Units until a receipt for the final short form prospectus has been issued.
A copy of the amended and restated preliminary short form prospectus will be filed on SEDAR at www.sedar.com under the Fund’s profile.
All capital terms noted herein but not defined are as per the preliminary short form prospectus.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in the United States.
About the Fund
The Fund invests in a diversified portfolio of prime real estate asset securities including common equity, preferred shares and debt of both private and public real estate investment trusts and real estate companies around the world. The Fund’s investment objectives are to generate stable cash flow to provide distributions to unitholders and preserve capital while providing the opportunity for long-term capital appreciation.