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Global Medical REIT planning IPO

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Global Medical REIT planning IPO

Global MedicalREIT Inc., which acquires and leases licensed, state-of-the-art, purpose-builthealth care facilities, has filed for an IPO.

The Maryland-based corporation is externally managed and advisedby Inter-American Management LLC. It plans to seek REIT status startingwith its taxable year ending Dec. 31, according to an April 1 filing.

The company's stock currently trades on the OTC under the symbolGMRE and it plans to apply to list on the NYSE under the symbol GMR.

The company said it plans to inject the offering's net proceedsinto Global Medical REIT LP in exchange for operating partnership units. The operatingpartnership, in turn, plans to use the funds to repay a portion of the company'soutstanding 8.0% convertible debentures held by ZH International Holdings Ltd.;about $14.75 million to repay the outstanding mortgage loan from Capital One encumberinga 56-bed long-term acute care hospital in Omaha, Neb., it acquired for about $21.7million in June 2014; to acquire certain assets under review in its investment pipeline;and for general corporate and working capital purposes, including future acquisitionsand development activities.

Wunderlich Securities Inc. is listed as the offering's sole underwriter.

The company has yet to disclose the number of shares tobe offered. The proposed maximum aggregate offering price, estimated solely forthe purpose of calculating the registration fee, amounts to $100 million.