TORONTO, ONTARIO--(Marketwired - Apr 30, 2013) - Harvest Portfolios Group Inc. (the "Manager") is pleased to announce that Australian REIT Income Fund (the "Fund") (TSX:HRR.UN) issued an additional 33,666 Class A Units of the Fund today pursuant to the exercise by the Agents of their Over-Allotment Option. Total gross proceeds raised by the Fund in its initial public offering of Class A Units and Class F Units (collectively referred to as "Units") were $66,403,992. The Class A Units currently trade on the Toronto Stock Exchange under the symbol HRR.UN. The Class F Units are not listed on a stock exchange but are convertible into Class A Units on a monthly basis.
The Fund's investment objectives are to provide holders of Units ("Unitholders") with: (i) stable monthly cash distributions; and (ii) the opportunity for capital appreciation.
The Fund invests in an actively managed portfolio comprised primarily of equity securities listed on the Australian Securities Exchange issued by Australian real estate investment trusts and, to a lesser extent, issuers principally engaged in the real estate industry in Australia.
Macquarie Private Portfolio Management Limited (the "Portfolio Manager") has been retained as portfolio manager for the Fund. The Portfolio Manager is a member of the Macquarie Group. The Portfolio Manager will be responsible for the Fund's investment strategy and will provide portfolio management services to the Fund.
The initial targeted monthly distributions for the 12 months ending March 2014 is $0.055 per Unit. The initial monthly cash distribution of $0.055 per Unit is payable on or before May 15, 2013 to Unitholders of record on April 30, 2013.
The syndicate of agents was co-led by BMO Capital Markets, CIBC and Macquarie Private Wealth Inc., and included Scotiabank, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., GMP Securities L.P., Raymond James Ltd., All Group Financial Services Inc., Burgeonvest Bick Securities Limited and MGI Securities Inc. (collectively, the "Agents").
Borden Ladner Gervais LLP acted as counsel for the Fund and the Manager and Blake, Cassels & Graydon LLP acted as counsel for the Agents.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund, the Manager and/or the Portfolio Manager. The forward-looking statements are not historical facts but reflect the Fund's, the Manager's, and/or the Portfolio Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Fund, the Manager, and/or the Portfolio Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, the Manager and/or the Portfolio Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
For additional information or a copy of the Prospectus, please contact your registered financial advisor.
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