E Split Corp.’s $31.3 Million Overnight Offering

Middlefield Limited, the manager of the Fund, was advised by Fasken Martineau DuMoulin LLP.

On August 30, 2021 Real Estate & E-Commerce Split Corp. (TSX: RS and RS.PR.A) completed an overnight public offering of 1,027,000 class A shares and 1,027,000 preferred shares for total gross proceeds of approximately $31.3 million. 

The objectives of the Fund are to provide holders of the class A shares with non-cumulative monthly cash distributions and the opportunity for capital appreciation through exposure to the Fund’s investment portfolio and holders of the preferred shares with fixed cumulative preferential quarterly cash distributions and to return the original issue price. This will be achieved through a diversified, actively managed, high conviction portfolio comprised of securities of leading North American real estate companies. The Fund is focused on e-commerce REITs that the Advisor believes are well-positioned to benefit from the rapid adoption of e-commerce and the growth of data infrastructure as well as cyclical REITs with attractive valuations and exposure.

The syndicate of agents for the offering was co-led by CIBC Capital Markets and RBC Capital Markets, and included National Bank Financial Inc., Scotiabank, Hampton Securities Limited, BMO Capital Markets, Canaccord Genuity Corp., TD Securities Inc., Raymond James Ltd., iA Private Wealth Inc., Richardson Wealth Limited, Manulife Securities Inc., Desjardins Securities Inc., Middlefield Capital Corporation and Research Capital Corporation.

The  Real Estate & E-Commerce Split Corp. has been designed to provide investors with a diversified, actively managed portfolio comprised of securities of high conviction Real Estate & E-Commerce Issuers.

The Fasken team consisted of Stephen Erlichman (Picture), John Sabetti, Daniel Fuke and Russell Lindzon (Securities, Investment Products and Wealth Management) and Mitchell Thaw (Tax).

Involved fees earner: Stephen Erlichman – Fasken Martineau; Daniel Fuke – Fasken Martineau; Russell Lindzon – Fasken Martineau; John Sabetti – Fasken Martineau; Mitchell Thaw – Fasken Martineau;

Law Firms: Fasken Martineau;

Clients: Middlefield Limited;

Author: Martina Bellini