/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./
TORONTO , Oct. 3, 2019 /CNW/ - Continuum Residential Real Estate Investment Trust ("Continuum" or the "REIT") announced today the filing and receipt for a preliminary long-form prospectus for the proposed initial public offering of trust units of the REIT (the "Offering").
The REIT currently holds, through the various entities it controls, a 100% ownership interest in a portfolio consisting of 32 income producing rental properties totalling 6,271 suites, of which 5,133 (82% of suites) are located in Toronto and the surrounding urban centres connected to Toronto by the GO Train system from Oshawa to Hamilton , 581 (9% of suites) are located in Ottawa and 557 (9% of suites) are located in London, Ontario .
The Offering will be distributed by a syndicate of underwriters led by Desjardins Capital Markets and CIBC Capital Markets.
Gardiner Roberts LLP is acting as legal counsel to the REIT and Blake, Cassels & Graydon LLP is acting as legal counsel to the underwriters.
A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada . The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the underwriters listed above and are available at www.sedar.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
Completion of the REIT's initial public offering is subject to the receipt of customary approvals, including regulatory approvals.
The Units have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, ''U.S. persons'' (as defined in Regulation S under the United States Securities Act of 1933, as amended) except pursuant to certain exemptions. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. persons.
About Continuum Real Estate Investment Trust
Continuum Residential Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust, established to provide unitholders with the opportunity to invest in an entity owning and holding a portfolio of high-quality income producing multi-residential rental real estate properties. The REIT is seeking to maximize value by enhancing operating income and property values through active management, providing sustainable cash distributions and looking to expand its asset base going forward.
This press release may contain forward-looking statements which reflect management's current expectations regarding future events. The forward-looking statements involve risks and uncertainties, many of which are beyond the REIT's control which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward looking information. Such risks and uncertainties include, but are not limited to, failure to realize potential rental gains, and the factors discussed under "Risk Factors" in the preliminary prospectus of the REIT dated October 3, 2019 . Actual results could differ materially from those projected herein. The REIT disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Continuum Residential REIT
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