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Real Estate & E-Commerce Split Corp. Announces Exchange Ratios

Real Estate & E-Commerce Split Corp.
·10 min read

CALGARY, Alberta, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Middlefield Group, on behalf of Real Estate & E-Commerce Split Corp. (the “Company”), is pleased to announce the exchange ratios for the exchange offer by the Company (the "Exchange Option") being made under the final prospectus of the Company dated October 28, 2020.

The Company will invest in a diversified, actively managed portfolio of dividend-paying securities of issuers operating in the real estate or related sectors, including real estate investment trusts, that the advisor believes are well-positioned to benefit from low interest rates, the rapid adoption of e-commerce, the growth of data infrastructure as well as attractive valuations in various areas of the real estate sector.

The Company’s investment objectives for the:

Class A Shares are to provide holders with:

(i) non-cumulative monthly cash distributions; and
(ii) the opportunity for capital appreciation through exposure to the portfolio

Preferred Shares are to:

(i) provide holders with fixed cumulative preferential quarterly cash distributions; and
(ii) return the original issue price of $10.00 to holders upon maturity.

The number of Units (each Unit comprised of one Preferred Share and one Class A Share) or Class A Shares issuable for each security of an Exchange Eligible Issuer (as listed below) (the “Exchange Ratio”) has been determined by dividing the weighted average trading price of the securities of such Exchange Eligible Issuer on the principal stock exchange on which such Exchange Eligible Issuer’s securities are listed, during the three consecutive trading days ending on November 2, 2020 (the “Pricing Period”) calculated based on today’s Bank of Canada daily exchange rate and as adjusted to reflect dividends declared or distributions pending by any Exchange Eligible Issuer that trades on an ex-dividend basis until the closing of the offering (the “Closing Date”) by the sum of issue prices of a Preferred Share and Class A Share being $25.00 in the case of a subscription for Units or $15.00 in the case of a subscription for Class A Shares. The Exchange Ratio has been adjusted to reflect the $0.01 per Class A Share to be received by prospective purchasers who tendered securities of Exchange Eligible Issuers to the Company for Class A Shares. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to the Closing Date and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers up to but not including the Closing Date. Each Exchange Ratio has been rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Company pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period, the Exchange Ratio per Class A Share, and the Exchange Ratio per Unit.

Name

Ticker

CUSIP

ISIN

VWAP

Exchange Ratio Per
Class A Share

Exchange Ratio Per
Unit

Long-Term Value Issuers

Allied Properties Real Estate Investment Trust

AP-U

019456102

CA0194561027

32.2410

2.14797

1.28964

Artis Real Estate Investment Trust

AX-U

04315L105

CA04315L1058

8.3976

0.55947

0.33590

Atrium Mortgage Investment Corp

AI

04964G100

CA04964G1000

10.6810

0.71159

0.42724

Automotive Properties Real Estate Investment Trust

APR-U

05329M104

CA05329M1041

9.8232

0.65444

0.39292

AvalonBay Communities Inc

AVB

053484101

US0534841012

183.6187

12.23308

7.34474

Boardwalk Real Estate Investment Trust

BEI-U

096631106

CA0966311064

26.6880

1.77801

1.06752

Boston Properties Inc

BXP

101121101

US1011211018

96.4851

6.42805

3.85940

Brookfield Asset Management Inc

BAM/A

112585104

CA1125851040

39.7724

2.64972

1.59089

Brookfield Property Partners LP

BPY-U

n/a

BMG162491077

18.6597

1.24315

0.74638

BSR Real Estate Investment Trust

HOM/U

05585D103

CA05585D1033

9.6931

0.64577

0.38772

Canadian Apartment Properties REIT

CAR-U

134921105

CA1349211054

42.8450

2.85443

1.71380

Chartwell Retirement Residences

CSH-U

16141A103

CA16141A1030

9.6962

0.64598

0.38784

Choice Properties Real Estate Investment Trust

CHP-U

17039A106

CA17039A1066

12.0649

0.80378

0.48259

Cominar Real Estate Investment Trust

CUF-U

199910100

CA1999101001

7.1625

0.47718

0.28650

Crombie Real Estate Investment Trust

CRR-U

227107109

CA2271071094

12.9500

0.86275

0.51800

CT Real Estate Investment Trust

CRT-U

126462100

CA1264621006

13.8113

0.92014

0.55245

Dream Office Real Estate Investment Trust

D-U

26153P104

CA26153P1045

17.4362

1.16164

0.69744

DREAM Unlimited Corp

DRM

26153M507

CA26153M5072

17.8570

1.18967

0.71428

Equity Residential

EQR

29476L107

US29476L1070

62.3373

4.15305

2.49349

European Residential Real Estate Investment Trust

ERE-U

29880W103

CA29880W1032

4.0701

0.27116

0.16280

Extendicare Inc

EXE

30224T863

CA30224T8639

5.1208

0.34115

0.20483

Firm Capital Apartment Real Estate Investment Trust

FCA-U

31833L101

CA31833L1013

6.2550

0.41672

0.25020

Firm Capital Mortgage Investment Corp

FC

318323102

CA3183231024

11.9374

0.79529

0.47749

Firm Capital Property Trust

FCD-U

318326105

CA3183261054

5.3834

0.35865

0.21533

First Capital Real Estate Investment Trust

FCR-U

31890B103

CA31890B1031

11.8883

0.79202

0.47553

H&R Real Estate Investment Trust

HR-U

403925407

CA4039254079

10.2492

0.68282

0.40996

Healthpeak Properties Inc

PEAK

42250P103

US42250P1030

36.3706

2.39041

1.43520

Inovalis Real Estate Investment Trust

INO-U

45780E100

CA45780E1007

7.6936

0.51256

0.30774

InterRent Real Estate Investment Trust

IIP-U

46071W205

CA46071W2058

11.3623

0.75698

0.45449

Killam Apartment Real Estate Investment Trust

KMP-U

49410M102

CA49410M1023

16.0537

1.06953

0.64214

Mainstreet Equity Corp

MEQ

560915100

CA5609151009

65.1090

4.33771

2.60436

Minto Apartment Real Estate Investment Trust

MI-U

60448E103

CA60448E1034

16.2801

1.08462

0.65120

Morguard Corp

MRC

617577101

CA6175771014

97.4263

6.49075

3.89705

Morguard North American Residential Real Estate Investment Trust

MRG-U

61761E100

CA61761E1007

13.8541

0.92298

0.55416

Morguard Real Estate Investment Trust

MRT-U

617914106

CA6179141065

4.2607

0.28385

0.17042

Nexus Real Estate Investment Trust

NXR-U

65342N109

CA65342N1096

1.6190

0.10786

0.06476

NorthWest Healthcare Properties Real Estate Investment Trust

NWH-U

667495105

CA6674951059

11.4150

0.76049

0.45660

Plaza Retail REIT

PLZ-U

72820F103

CA72820F1036

3.1736

0.21143

0.12694

PRO Real Estate Investment Trust

PRV-U

742694300

CA7426943006

4.7634

0.31735

0.19053

RioCan Real Estate Investment Trust

REI-U

766910103

CA7669101031

14.3704

0.95738

0.57481

Sienna Senior Living Inc

SIA

82621K102

CA82621K1021

11.6907

0.77886

0.46762

Simon Property Group Inc

SPG

828806109

US8288061091

83.7320

5.57841

3.34928

Slate Grocery REIT

SGR-U

831062203

CA8310622037

10.4685

0.69743

0.41874

SmartCentres Real Estate Investment Trust

SRU-U

83179X108

CA83179X1087

20.9733

1.39729

0.83893

Tricon Residential Inc

TCN

89612W102

CA89612W1023

10.9786

0.73141

0.43914

Ventas Inc

VTR

92276F100

US92276F1003

52.8919

3.52377

2.11567

Industrial Issuers

Americold Realty Trust

COLD

03064D108

US03064D1081

47.8570

3.18833

1.91427

Dream Industrial Real Estate Investment Trust

DIR-U

26153W109

CA26153W1095

11.7409

0.78220

0.46963

Duke Realty Corp

DRE

264411505

US2644115055

50.6641

3.35283

2.01304

Granite Real Estate Investment Trust

GRT-U

387437114

CA3874371147

74.2039

4.94362

2.96815

Prologis Inc

PLD

74340W103

US74340W1036

132.4942

8.82705

5.29976

Public Storage

PSA

74460D109

US74460D1090

306.1671

20.39753

12.24668

STAG Industrial Inc

STAG

85254J102

US85254J1025

41.5032

2.76503

1.66012

StorageVault Canada Inc

SVI

86212H105

CA86212H1055

3.3185

0.22108

0.13274

Summit Industrial Income REIT

SMU-U

866120116

CA8661201167

13.4498

0.89605

0.53799

Terreno Realty Corp

TRNO

88146M101

US88146M1018

75.3175

5.01781

3.01270

WPT Industrial Real Estate Investment Trust

WIR/U

92937G109

CA92937G1090

12.8951

0.85910

0.51580

Specialized Issuers

American Tower Corp

AMT

03027X100

US03027X1000

306.6165

20.42747

12.26466

CoreSite Realty Corp

COR

21870Q105

US21870Q1058

159.0425

10.59576

6.36170

Crown Castle International Corp

CCI

22822V101

US22822V1017

208.7775

13.90921

8.35109

CyrusOne Inc

CONE

23283R100

US23283R1005

94.1566

6.27292

3.76626

Digital Realty Trust Inc

DLR

253868103

US2538681030

193.0193

12.85937

7.72077

Equinix Inc

EQIX

29444U700

US29444U7000

978.0186

64.92283

38.97968

FirstService Corp

FSV

33767E202

CA33767E2024

179.2436

11.94160

7.16974

QTS Realty Trust Inc

QTS

74736A103

US74736A1034

81.6899

5.44236

3.26759

Real Matters Inc

REAL

75601Y100

CA75601Y1007

23.5628

1.56980

0.94251

SBA Communications Corp

SBAC

78410G104

US78410G1040

388.3968

25.87586

15.53587

Other Issuers

Algonquin Power & Utilities Corp

AQN

015857105

CA0158571053

20.3127

1.35328

0.81250

Alphabet Inc

GOOGL

02079K305

US02079K3059

2144.7700

142.88934

85.79079

Apple Inc

AAPL

037833100

US0378331005

146.7542

9.75898

5.85929

AT&T Inc

T (US)

00206R102

US00206R1023

35.8045

2.38537

1.43218

Bank of Montreal

BMO

063671101

CA0636711016

79.7540

5.31339

3.19016

Bank of Nova Scotia/The

BNS

064149107

CA0641491075

55.2856

3.68324

2.21142

BCE Inc

BCE

05534B760

CA05534B7604

53.6910

3.57701

2.14764

Canadian Imperial Bank of Commerce

CM

136069101

CA1360691010

99.1676

6.60676

3.96670

CGI Inc

GIB/A

12532H104

CA12532H1047

82.2342

5.47863

3.28936

Cisco Systems Inc

CSCO

17275R102

US17275R1023

47.4363

3.16031

1.89745

Emera Inc

EMA

290876101

CA2908761018

53.6209

3.57234

2.14483

Enbridge Inc

ENB

29250N105

CA29250N1050

36.5400

2.43438

1.46160

First National Financial Corp

FN

33564P103

CA33564P1036

37.6241

2.50660

1.50496

Fortis Inc/Canada

FTS

349553107

CA3495531079

52.8884

3.48989

2.09533

Intel Corp

INTC

458140100

US4581401001

58.7035

3.88180

2.33063

Inter Pipeline Ltd

IPL

45833V109

CA45833V1094

11.6094

0.77344

0.46437

Lightspeed POS Inc

LSPD

53227R106

CA53227R1064

42.2403

2.81414

1.68961

Manulife Financial Corp

MFC

56501R106

CA56501R1064

18.0412

1.20194

0.72164

Mastercard Inc

MA

57636Q104

US57636Q1040

384.7558

25.63328

15.39023

Netflix Inc

NFLX

64110L106

US64110L1061

650.8307

43.35978

26.03322

NVIDIA Corp

NVDA

67066G104

US67066G1040

673.0124

44.83758

26.92049

PayPal Holdings Inc

PYPL

70450Y103

US70450Y1038

250.4552

16.68588

10.01820

Premium Brands Holdings Corp

PBH

74061A108

CA74061A1084

95.5101

6.36310

3.82040

Quebecor Inc

QBR/B

748193208

CA7481932084

30.8788

2.05721

1.23515

Rogers Communications Inc

RCI/B

775109200

CA7751092007

54.4394

3.62687

2.17757

Royal Bank of Canada

RY

780087102

CA7800871021

92.9276

6.19104

3.71710

Shaw Communications Inc

SJR/B

82028K200

CA82028K2002

21.7721

1.44393

0.86693

Shopify Inc

SHOP

82509L107

CA82509L1076

1267.2521

84.42715

50.69008

Square Inc

SQ

852234103

US8522341036

210.0759

13.99571

8.40303

Sun Life Financial Inc

SLF

866796105

CA8667961053

52.9079

3.52484

2.11631

Suncor Energy Inc.

SU

867224107

CA8672241079

15.0294

1.00129

0.60117

TELUS Corp

T

87971M103

CA87971M1032

22.7170

1.51345

0.90868

Toronto-Dominion Bank/The

TD

891160509

CA8911605092

58.7213

3.91214

2.34885

Verizon Communications Inc

VZ

92343V104

US92343V1044

75.5645

5.03427

3.02258

The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., National Bank Financial Inc., Industrial Alliance Securities, Manulife Securities Incorporated, Raymond James Ltd., Richardson GMP, Middlefield Capital Corporation, Echelon Wealth Partners Inc. and Mackie Research Capital Corporation.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.