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Inovalis REIT grosses C$46M in bought-deal offering

Inovalis Real EstateInvestment Trust's underwritten bought-deal offering generated roughly C$46.0 million in gross proceeds.

The company issued 4,842,190 trust units at C$9.50 apiece ona bought-deal basis, including 631,590 units issued following the exercise in fullof the overallotment option by the underwriters.

The company is looking to use the net proceeds from the saleof the units mainly for future office property acquisitions in France and Germanyand for potential CapEx related to its currently owned properties.

Pending such uses, Inovalis plans to use the proceeds to repayexisting outstanding debt of approximately C$24.7 million in relation of the propertyat 44/50 Avenue du Capitaine Glarner in Saint-Ouen, France, and for working capitaland general trust purposes.

The offering was conducted via a syndicate of underwriters co-ledby Desjardins Securities Inc. and BMO Capital Markets, and including CIBC WorldMarkets Inc., National Bank Financial Inc., GMP Securities LP, Dundee SecuritiesLtd., Laurentian Bank Securities Inc., Industrial Alliance Securities Inc. and ManulifeSecurities Inc.