Press release from CNW Group
Dundee International REIT completes over-allotment option and is included in the S&P/TSX Composite Index
Monday, June 24, 2013
Dundee International REIT completes over-allotment option and is included in the S&P/TSX Composite Index09:03 EDT Monday, June 24, 2013
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, June 24, 2013 /CNW/ - DUNDEE INTERNATIONAL REIT (DI.UN - TSX) announced today the closing of the issuance of an additional 1,445,000 units of Dundee International REIT ("Units") for gross proceeds of approximately $15.5 million. The issuance was pursuant to the exercise by the underwriters of a portion of their over-allotment option with respect to Dundee International REIT's recently completed equity offering of 11,700,000 Units on June 6, 2013. The exercise of the over-allotment option increases the total gross proceeds of the offering to approximately $140.7 million. Dundee International REIT will use the net proceeds from the offering to fund future acquisitions and for general trust purposes.
S&P/TSX Composite Index Inclusion - Effective after the close of trading on June 21, 2013, Dundee International REIT was included in the S&P/TSX Composite Index as part of its quarterly rebalancing. At the same time, the REIT was also added to the S&P/TSX Capped REIT Index. "We are delighted to have achieved this significant milestone, which will increase our exposure in the capital markets and add to the attractiveness of our company to a wider range of investors," said Jane Gavan, CEO of Dundee International REIT.
This press release is not an offer of securities for sale in the United States. The units being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.
Dundee International REIT is an unincorporated, open-ended real estate investment trust that provides investors with the opportunity to invest in commercial real estate exclusively outside of Canada. Dundee International REIT's portfolio currently consists of approximately 15.2 million square feet of gross leasable area of office, industrial and mixed use properties across Germany. For more information, please visit www.dundeeinternational.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee International REIT's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. Our objectives and forward-looking statements are based on certain assumptions, including that the Canadian and German economies remain stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dundee International REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dundee International REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dundee International REIT's website at www.dundeeinternational.com.
SOURCE: Dundee International REIT
For further information:
Michael J. Cooper
P. Jane Gavan
President and Chief Executive Officer
Rene D. Gulliver
Chief Financial Officer