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BMO Nesbitt Burns leads Canada’s investment banks in completed initial public offerings year-to-date as the heat from the real estate sector radiates through new issues.Fred Lum/The Globe and Mail

BMO Nesbitt Burns leads Canada's investment banks in completed initial public offerings as the heat from the real estate sector radiates through new issues. The bank has raised $379.7-million as of April 22, according to Thomson Reuters.

Most of the IPOs that have have been priced are real estate investment trusts, which is no surprise considering their recent appeal to yield-seeking investors.

Several offerings crossed the $100-million mark. The first IPO of the year, Agellan Commercial REIT, produced gross proceeds of about $153-million when it came to market last quarter. The REIT owns and runs commercial properties in Canada and the U.S. The launches of Inovalis REIT and WPT Industrial REIT this month brought in $103.3-million and $100-million (U.S.), respectively. Two of these new launches have fallen from their IPO price.

(Jacqueline Nelson is a Globe and Mail Financial Services Reporter.)

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Editor's note: This story has been corrected. An earlier version incorrectly said BMO Nesbitt Burns raised $151.2-million, that all the offerings in question were completed and that three IPOs exceeded $100-million.