WINNIPEG, MB, July 7, 2021 /CNW/ – Marwest Apartment Real Estate Investment Trust (“Marwest
Apartment REIT” or the “REIT”) (TSXV: MAR.UN) is pleased to announce today that it has filed,
and obtained a receipt for, a preliminary short-form prospectus for the proposed public offering (the
“Offering“) of units of the REIT (the “Offered Units“) with the securities regulatory authorities in
each of the provinces and territories in Canada, other than the province of Quebec, for minimum
gross proceeds of approximately $5.0 million and maximum gross proceeds of approximately $9.0
million.
Each Offered Unit is comprised of: (i) one (1) trust unit (a “Trust Unit“) of the REIT; and (ii) one
Trust Unit purchase warrant entitling the holder thereof to purchase one (1) additional Trust Unit at
any time up to and including the date that is twelve (12) months from the closing date of the
Offering.
The Offering is being managed by a syndicate of agents led by Canaccord Genuity Corp. and
including CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., iA
Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited and Wellington-Altus Private
Wealth Inc.
The REIT has applied to have the Trust Units issued pursuant to the Offering on the Toronto Stock
Venture Exchange (the “TSXV“). Listing is subject to the approval of the TSXV.
Additionally, the REIT intends to adopt a distribution policy pursuant to which it will make monthly
cash distributions to Unitholders, initially in the amount equal to $0.015 per Trust Unit on an
annualized basis ($0.00125 per Trust Unit on a monthly basis), representing a distribution of
approximately 20% of the REIT’s estimated run-rate AFFO. Management of the REIT believes that
the initial cash distribution policy of the REIT should allow the REIT to meet its internal funding
needs, while being able to support stable growth in cash distributions. The first distribution is
expected to have a record date of December 31, 2021 with payment being made on or about
January 15, 2022.