Global Real Estate Dividend Growers Corp. IPO Raises $110 Million
TSX Symbol: GRL
CALGARY, July 24, 2015 /CNW/ - Middlefield Group, on behalf of Global Real Estate Dividend Growers Corp. (the "Fund"), is pleased to announce that it completed its initial public offering of 11,000,000 shares at a price of $10.00 per equity share for gross proceeds of $110,000,000. The shares are listed on the Toronto Stock Exchange under the symbol GRL.
The Fund's investment objectives are to provide holders of shares with:
(i) stable monthly cash distributions and to grow distributions over time, and
(ii) enhanced long-term total return through capital appreciation of the Fund's investment portfolio,
through an investment strategy which focuses primarily on investing in securities of issuers operating in the global real estate sector and related industries and that have exhibited sustainable dividend growth.
The initial target distribution yield for the Fund is 6.0% per annum based on the original subscription price (or $0.05 per share per month or $0.60 per share per annum).
Middlefield Capital Corporation, the advisor, will provide investment management advice to the Fund.
Middlefield Limited, the manager, intends that on or about December 15, 2017, the Fund will, subject to applicable law, merge on a tax-deferred basis with Middlefield Real Estate Class, an open-end mutual fund.
The syndicate of agents was co-led by CIBC, RBC Capital Markets and Scotiabank and includes BMO Capital Markets, TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated and Middlefield Capital Corporation.
This offering was only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.
SOURCE Global Real Estate Dividend Growers Corp.
For further information: please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing, at 416.847.5349 or 1.888.890.1868.
