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Middlefield’s Real Estate Split Corp. completes C$15 million overnight public offering

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Middlefield Limited

On November 15, 2022 Real Estate Split Corp. (TSX: RS and RS.PR.A) (the “Fund”) completed an overnight public offering (the “Offering”) of 644,400 class A shares and 644,400 preferred shares for total gross proceeds of approximately C$15 million. 

The objectives of the Fund are to provide holders of the class A shares with non-cumulative monthly cash distributions and the opportunity for capital appreciation through exposure to the Fund’s investment portfolio and holders of the preferred shares with fixed cumulative preferential quarterly cash distributions and to return the original issue price. This will be achieved through a diversified, actively managed, high conviction portfolio comprised of securities of leading North American real estate companies. The Fund is focused on e-commerce REITs that the Advisor believes are well-positioned to benefit from the rapid adoption of e-commerce and the growth of data infrastructure as well as cyclical REITs with attractive valuations and exposure.

The syndicate of agents for the offering was co-led by CIBC Capital Markets and RBC Capital Markets, and included Hampton Securities Limited, National Bank Financial Inc., Scotiabank, BMO Capital Markets, Canaccord Genuity Corp., Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Richardson Wealth Limited, Manulife Securities Incorporated, Desjardins Securities Inc., Middlefield Capital Corporation and Research Capital Corporation.

Middlefield Limited, the manager of the Fund, was advised by Fasken with a team that consisted of Stephen Erlichman, Daniel Fuke and George Soules (Securities, Investment Products and Wealth Management) and Mitchell Thaw (Tax).


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