First Asset

First Asset
Canadian REIT Income Fund

Canadian REIT Income Fund

August 05, 2011 15:29 ET

Files Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - Aug. 5, 2011) - Canadian REIT Income Fund (the "Fund") announces that it has filed a preliminary prospectus dated August 5, 2011 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of a maximum of 10,000,000 trust units (the "Units") at $10.00 per Unit, for maximum gross proceeds of $100 million.

The Fund has been created to invest in a portfolio comprised primarily of equity securities and convertible debentures of Canadian REITs and real estate issuers. The Fund's portfolio will be actively managed by First Asset Investment Management Inc. (the "Manager" or "First Asset").

The Fund's investment objectives are to provide holders of Units with:
(i) quarterly distributions; and
(ii) the opportunity for capital appreciation.

The Fund will not have a fixed distribution amount. The amount of quarterly distributions will be based on the Manager's assessment of anticipated cash flow and anticipated expenses of the Fund from time to time. The initial targeted quarterly distribution is 5.5% per annum on the subscription price of $10.00 per Unit ($0.1375 per Unit per quarter or $0.55 per annum).

On or about the second anniversary of the closing of the Fund's offering, the Fund will, subject to all regulatory approvals required by legislation then in force, automatically either (i) convert to an open-end mutual fund; or (ii) merge on a tax-deferred basis with an open-end mutual fund to be managed by the Manager or an affiliate of the Manager.

Prospective purchasers may purchase Units either by cash payment or by an exchange of freely tradeable securities of each class or series of securities described in the table below. Prospective purchasers under the Exchange Option will be required to deposit their eligible exchange securities prior to 5:00 p.m. (Toronto time) on August 25, 2011 in the manner described in the preliminary prospectus.

Equity Securities
Issuer CUSIP TSX Symbol
Allied Properties Real Estate Investment Trust 019456102 AP.UN
Artis Real Estate Investment Trust 04315L105 AX.UN
Boardwalk Real Estate Investment Trust 096631106 BEI.UN
Calloway Real Estate Investment Trust 131253205 CWT.UN
Canadian Apartment Properties Real Estate Investment Trust 134921105 CAR.UN
Canadian Real Estate Investment Trust 13650J104 REF.UN
Chartwell Seniors Housing Real Estate Investment Trust 16140U100 CSH.UN
Cominar Real Estate Investment Trust 199910100 CUF.UN
Dundee Real Estate Investment Trust 265270207 D.UN
Extendicare Real Estate Investment Trust 302251103 EXE.UN
H&R Real Estate Investment Trust 404428203 HR.UN
Primaris Retail Real Estate Investment Trust 74157U109 PMZ.UN
RioCan Real Estate Investment Trust 766910103 REI.UN
Brookfield Office Properties Inc. 112900105 BPO
First Capital Realty Inc. 31943B100 FCR
BTB Real Estate Investment Trust 11777P102 BTB.UN
Crombie Real Estate Investment Trust 227107109 CRR.UN
Huntingdon Real Estate Investment Trust 446027112 HNT.UN
InnVest Real Estate Investment Trust 45778F101 INN.UN
InterRent Real Estate Investment Trust 46071W205 IIP.UN
Killam Properties Inc. 494104870 KMP
Morguard Real Estate Investment Trust 617914106 MRT.UN
Partners Real Estate Investment Trust 70214B100 PAR.UN
Retrocom Mid-Market Real Estate Investment Trust 761298108 RMM.UN
Scott's Real Estate Investment Trust 810205203 SRQ.UN
Temple Real Estate Investment Trust 880018106 TR.UN
Whiterock Real Estate Investment Trust 965531700 WRK.UN
Convertible Debentures
Issuer CUSIP TSX Symbol
Artis Real Estate Investment Trust – 6.25% due May 31, 2013 04315LAC9 AX.DB.C
Artis Real Estate Investment Trust – 7.5% due June 30, 2014 04315LAD7 AX.DB.E
Artis Real Estate Investment Trust – 5.75% due June 30, 2018 04315LAG0 AX.DB.U
Artis Real Estate Investment Trust – 6% due June 30, 2020 04315LAE5 AX.DB.F
Primaris Retail Real Estate Investment Trust – 6.3% due September 30, 2015 74157UAE9 PMZ.DB.B
BTB Real Estate Investment Trust – 8% due October 3, 2011 11777PAA0 BTB.DB
BTB Real Estate Investment Trust – 8.5% due March 31, 2013 11777PAB8 BTB.DB.B
Calloway Real Estate Investment Trust – 6.65% due June 30, 2013 131253AD8 CWT.DB.A
Calloway Real Estate Investment Trust – 5.75% due June 30, 2017 131253AG1 CWT.DB.B
Chartwell Seniors Housing Real Estate Investment Trust – 5.9% due May 1, 2012 16140UAB6 CSH.DB.A
Cominar Real Estate Investment Trust – 6.3% due June 30, 2014 199910AA8 CUF.DB
Cominar Real Estate Investment Trust – 5.7% due June 30, 2014 199910AB6 CUF.DB.B
Cominar Real Estate Investment Trust – 5.8% due September 30, 2014 199910AD2 CUF.DB.C
Cominar Real Estate Investment Trust – 6.5% due September 30, 2016 199910AF7 CUF.DB.D
Cominar Real Estate Investment Trust – 5.75% due June 30, 2017 199910AG5 CUF.DB.E
Crombie Real Estate Investment Trust – 7% due March 20, 2013 227107AA7 CRR.DB
Crombie Real Estate Investment Trust – 6.25% due June 30, 2015 227107AB5 CRR.DB.B
Crombie Real Estate Investment Trust – 5.75% due June 30, 2017 227107AC3 CRR.DB.C
Dundee Real Estate Investment Trust – 6.5% due June 30, 2014 265270AA6 D.DB
Dundee Real Estate Investment Trust – 6% due December 31, 2014 265270AD0 D.DB.B
Dundee Real Estate Investment Trust – 5.7% due March 31, 2015 265270AB4 D.DB.A
Extendicare Real Estate Investment Trust – 7.25% due June 30, 2013 302251AB9 EXE.DB.A
Extendicare Real Estate Investment Trust – 5.7% due June 30, 2014 302251AA1 EXE.DB
First Capital Realty Inc. – 6.25% due December 31, 2016 31943BAW0 FCR.DB.C
First Capital Realty Inc. – 5.7% due June 30, 2017 31943BAY6 FCR.DB.D
First Capital Realty Inc. – 5.4% due January 31, 2019 31943BBG4 FCR.DB.E
H&R Real Estate Investment Trust – 6.65% due June 30, 2013 403925AA8 HR.DB
H&R Real Estate Investment Trust – 6.75% due December 31, 2014 403925AB6 HR.DB.B
H&R Real Estate Investment Trust – 6% due June 30, 2017 403925AC4 HR.DB.C
H&R Real Estate Investment Trust – 5.9% due June 30, 2020 403925AF7 HR.DB.D
Huntingdon Real Estate Investment Trust – 7.5% due March 31, 2012 446027AC8 HNT.DB.C
InnVest Real Estate Investment Trust – 6% due May 31, 2013 45771TAD0 INN.DB.B
InnVest Real Estate Investment Trust – 5.85% due August 1, 2014 45771TAE8 INN.DB.C
InnVest Real Estate Investment Trust – 6.75% due March 31, 2016 45771TAF5 INN.DB.D
InnVest Real Estate Investment Trust – 6% due September 30, 2017 45771TAG3 INN.DB.E
InnVest Real Estate Investment Trust – 5.75% due March 30, 2018 45778FAA9 INN.DB.F
InterRent Real Estate Investment Trust – 7% due January 31, 2013 46071WAA4 IIP.DB
Killam Properties Inc. – 5.65% due November 30, 2017 494104AC6 KMP.DB.A
Morguard Real Estate Investment Trust – 6.5% due September 30, 2014 617914AL0 MRT.DB
Partners Real Estate Investment Trust – 8% due March 31, 2016 70214BAA8 PAR.DB
Primaris Retail Real Estate Investment Trust – 5.85% due August 1, 2014 74157UAC3 PMZ.DB.A
Primaris Retail Real Estate Investment Trust – 6.75% due June 30, 2014 74157UAA7 PMZ.DB
Retrocom Mid-Market Real Estate Investment Trust – 7.5% due July 31, 2012 761298AA6 RMM.DB
Retrocom Mid-Market Real Estate Investment Trust – 6.75% due July 31, 2015 761298AC2 RMM.DB.A
Scott's Real Estate Investment Trust – 7.15% due December 31, 2012 810205AA2 SRQ.DB
Scott's Real Estate Investment Trust – 7.75% due December 31, 2014 810205AB0 SRQ.DB.A
Temple Real Estate Investment Trust – 7.5% due March 31, 2012 880018AA4 TR.DB.A
Temple Real Estate Investment Trust – 8.5% due April 30, 2013 880018AB2 TR.DB.B
Temple Real Estate Investment Trust – 8.75% due November 30, 2014 880018AC0 TR.DB.S
Whiterock Real Estate Investment Trust – 6.3% due December 31, 2011 965531AE6 WRK.DB.E
Whiterock Real Estate Investment Trust – 6% due July 15, 2012 965531AG1 WRK.DB.F
Whiterock Real Estate Investment Trust – 7% due December 31, 2014 965531AH9 WRK.DB.G

The syndicate of agents for this offering is being led by CIBC World Markets Inc., National Bank Financial Inc. and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Macquarie Private Wealth Inc., and Manulife Securities Incorporated.

An amended and restated preliminary prospectus dated August 5, 2011 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 one of the dealers noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Contact Information

  • First Asset
    Rob MacNiven
    Investor Relations
    416-642-1289 or 1-877-642-1289
    www.firstasset.com