TORONTO, August 30, 2011 - Canadian REIT Income Fund (TSX:RIF.UN) (the "Fund") announces that it has filed a final prospectus for its initial public offering of units (the "Units") of the Fund for a total maximum offering size of up to $100 million. The offering is scheduled to close on September 16, 2011 (the "Closing Date"). The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Units under the symbol of RIF.UN, subject to the fulfillment of TSX requirements.
The Fund has been created to invest in a portfolio comprised primarily of equity securities and convertible debentures of Canadian REITs and real estate issuers. The Fund's portfolio will be actively managed by First Asset Investment Management Inc. (the "Manager" or "First Asset").
The Fund's investment objectives are to provide holders of Units with:
- quarterly distributions; and
- the opportunity for capital appreciation.
The Fund will not have a fixed distribution amount. The amount of quarterly distributions will be based on the Manager's assessment of anticipated cash flow and anticipated expenses of the Fund from time to time. The initial targeted distribution is 5.5% per annum on the subscription price of $10.00 per Unit ($0.1375 per Unit per quarter or $0.55 per annum).
With respect to the Fund's exchange offering which expired on August 25, 2011, the Fund will issue a press release as soon as practical after the close of business on September 9, 2011 announcing for each of the exchange eligible securities, the name of the issuer, the volume weighted average trading price of the securities during the five consecutive trading days ending on September 9, 2011, and the exchange ratio.
The syndicate of agents for this offering is being led by CIBC, National Bank Financial Inc. and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Macquarie Private Wealth Inc., and Manulife Securities Incorporated.
For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.