/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
WINNIPEG, MB, July 7, 2021 /CNW/ - Marwest Apartment Real
Estate Investment Trust ("Marwest Apartment REIT" or the
"REIT") (TSXV: MAR.UN) is pleased to announce today that it
has filed, and obtained a receipt for, a preliminary short-form
prospectus for the proposed public offering (the "Offering")
of units of the REIT (the "Offered Units") with the
securities regulatory authorities in each of the provinces and
territories in Canada, other than
the province of Quebec, for
minimum gross proceeds of approximately $5.0
million and maximum gross proceeds of approximately
$9.0 million.
Each Offered Unit is comprised of: (i) one (1) trust unit (a
"Trust Unit") of the REIT; and (ii) one Trust Unit purchase
warrant entitling the holder thereof to purchase one (1) additional
Trust Unit at any time up to and including the date that is twelve
(12) months from the closing date of the Offering.
The Offering is being managed by a syndicate of agents led by
Canaccord Genuity Corp. and including CIBC World Markets Inc.,
National Bank Financial Inc., Desjardins Securities Inc., iA
Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited
and Wellington-Altus Private Wealth Inc.
The REIT has applied to have the Trust Units issued pursuant to
the Offering on the Toronto Stock Venture Exchange (the
"TSXV"). Listing is subject to the approval of the TSXV.
Additionally, the REIT intends to adopt a distribution policy
pursuant to which it will make monthly cash distributions to
Unitholders, initially in the amount equal to $0.015 per Trust Unit on an annualized basis
($0.00125 per Trust Unit on a monthly
basis), representing a distribution of approximately 20% of the
REIT's estimated run-rate AFFO. Management of the REIT
believes that the initial cash distribution policy of the REIT
should allow the REIT to meet its internal funding needs, while
being able to support stable growth in cash distributions. The
first distribution is expected to have a record date of
December 31, 2021 with payment being
made on or about January 15,
2022.
About Marwest Apartment REIT
The REIT is an unincorporated open-ended trust governed by the
laws of the Province of Manitoba.
The REIT was formed to provide Unitholders with the opportunity to
invest in the Canadian multi-family rental sector through the
ownership of high-quality income-producing properties, with an
initial focus on stable markets throughout Western Canada.
Forward-looking Statements
The information in this news release includes certain
information and statements about management's views of future
events, expectations, plans and prospects that constitute forward–
looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties.
Because of these risks and uncertainties and as a result of a
variety of factors, the actual results, expectations, achievements
or performance may differ materially from those anticipated and
indicated by these forward–looking statements. Forward–looking
statements in this news release include, but are not limited to,
the implementation of a cash distribution policy. A number of
factors could cause actual results to differ materially from these
forward–looking statements. The payment of cash distributions
will be dependent upon a number of factors, including but not
limited to the financial performance, financial condition and
financial requirements of the REIT. Although management
of the REIT believes that the expectations reflected in forward–
looking statements are reasonable, it can give no assurances that
the expectations of any forward– looking statements will prove to
be correct. Except as required by law, the REIT disclaims any
intention and assumes no obligation to update or revise any
forward–looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions,
changes in factors affecting such forward–looking statements or
otherwise.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
The Trust Units are not registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") and
may not be offered or sold within the
United States or to or for the account or benefit of U.S.
persons, except in certain transactions exempt from the
registration requirements of the U.S. Securities Act. This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy, securities of the REIT in the United States or in any other
jurisdiction.
SOURCE Marwest Apartment Real Estate Investment Trust