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Middlefield’s Real Estate & E-Commerce Split Corp. completes overnight offering of $31.3 million

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Middlefield Limited

On August 30, 2021 Real Estate & E-Commerce Split Corp. (TSX: RS and RS.PR.A) (the “Fund”) completed an overnight public offering (the “Offering”) of 1,027,000 class A shares and 1,027,000 preferred shares for total gross proceeds of approximately $31.3 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 National Bank Financial Inc., Scotiabank, Hampton Securities Limited, BMO Capital Markets, Canaccord Genuity Corp., TD Securities Inc., Raymond James Ltd., iA Private Wealth Inc., Richardson Wealth Limited, Manulife Securities Inc., 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, John Sabetti, Daniel Fuke and Russell Lindzon (Securities, Investment Products and Wealth Management) and Mitchell Thaw (Tax).


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