Mr. Greg Vorwaller reports
AIP REALTY TRUST ANNOUNCES EXTENSION OF NON-BROKERED OFFERING
AIP Realty Trust has received approval from the TSX Venture Exchange to extend the price reservation on its non-brokered private placement, for which the trust announced the closing of a first tranche on April 19, 2024, by an additional 30 days until Aug. 23, 2024. The trust intends to close a second tranche, as well as any additional tranches, thereafter, on or before Aug. 23, 2024.
The financing consists of the issuance of up to six million preferred units, Series B, convertible, at a price of 50 U.S. cents per preferred unit for aggregate gross proceeds of up to $3-million (U.S.). An aggregate of 1.1 million preferred units for aggregate gross proceeds of $550,000 (U.S.) have been issued under the first tranche. The terms and conditions of the preferred units are available on the trust's SEDAR+ profile.
The trust intends to use the proceeds of the private placement for working capital and general corporate purposes.
Completion of the financing, including a second or other tranches of the financing, remains subject to approval from the TSX Venture Exchange.
About AIP Realty Trust
AIP Realty Trust is a real estate investment trust with a growing portfolio of AllTrades Industrial Properties Inc. branded serviced industrial business suite light industrial flex facilities focused on small businesses and the trades and services sectors in the United States. These properties appeal to a diverse range of small space users, such as contractors, skilled trades, suppliers, repair services, last-mile providers, small businesses, and assembly and distribution firms. They typically offer attractive fundamentals, including low tenant turnover, stable cash flow and low capital expenditure intensity, as well as significant growth opportunities. With an initial focus on the Dallas-Fort Worth market, AIP Realty plans to roll out this innovative property offering nationally. AIP Realty holds the exclusive rights to finance the development of and to purchase all the completed and leased properties built across North America by its development and property management partner, AllTrades.
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