InnVest Real Estate Investment Trust

InnVest Real Estate Investment Trust

September 13, 2007 21:21 ET

InnVest REIT Announces Exchange Date for Previously Issued Subscription Receipts and Extension of Maturity Date for Debentures

TORONTO, ONTARIO--(Marketwire – Sept. 13, 2007) –


InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN)(TSX:INN.DB.A)(TSX:INN.DB.B)(TSX:INN.DB.C) announced today that the conditions to the offer for the trust units of Legacy Hotels Real Estate Investment Trust ("Legacy") by LGY Acquisition LP (the "Offeror") have been satisfied. The Offeror has announced that it will take up and accept for payment approximately 94.5% of the outstanding trust units of Legacy before markets open on September 17, 2007 and that it intends to pay for such units on September 18, 2007.

Pursuant to the terms of InnVest's previously issued subscription receipts, each holder of subscription receipts will be entitled to receive, on September 17, 2007, one trust unit of InnVest for each subscription receipt held. Holders of subscription receipts will also be entitled to receive on that date $0.09375 per subscription receipt held, which is the equivalent of the distribution declared by InnVest to holders of record of trust units on August 31, 2007. On September 17, 2007 before markets open it is expected that the subscription receipts will be halted from trading on the Toronto Stock Exchange and will be de-listed at the end of the day.

InnVest also announced today that the maturity date for its 5.85% extendible convertible unsecured subordinated debentures has been automatically extended to August 1, 2014 as a result of the completion of the offer for Legacy.

InnVest REIT holds Canada's largest hotel portfolio together with an interest in Choice Hotels Canada Inc., the largest franchisor of hotels in Canada. The hotel portfolio currently comprises 136 hotel properties, with 15,593 guest rooms, operated under internationally recognized franchise brands such as Comfort Inn®, Holiday Inn®, Quality Suites/Inn®, Raddisson®, Delta®, Travelodge®, Hilton® and Best Western® InnVest's trust units and outstanding convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.A, INN.DB.B and INN.DB.C, respectively.


Statements contained in this press release that are not historical facts are forward-looking statements which involve risk and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are failure to satisfy the conditions of the take-over bid, real estate investment risks, hotel industry risks and competition. These and other factors are discussed in InnVest's 2006 annual information form which is available at InnVest disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.

Contact Information

  • InnVest Real Estate Investment Trust
    Kenny Gibson
    President and Chief Executive Officer
    (905) 206-7100
    (905) 206-7114 (Fax)


    InnVest Real Estate Investment Trust
    Tamara Lawson
    Chief Financial Officer and Secretary
    (905) 206-7100
    (905) 206-7114 (Fax)