Global Real Estate and E-Commerce Dividend Fund has completed its $70-million initial public offering (IPO), Calgary-based investment manager Middlefield Group announced Thursday.
The fund completed its IPO of 7 million units at $10 per unit, for gross proceeds of $70 million. The units are listed on the Toronto Stock Exchange under the ticker symbol GEC.UN.
The fund’s investment objectives are stable monthly cash distributions and enhanced long-term total return through capital appreciation. It aims to achieve this through a diversified, actively managed portfolio of dividend-paying securities of global real estate companies that the advisor believes will benefit from an acceleration of the e-commerce industry, as well as securities of issuers operating in that industry.
The initial target distribution yield for the fund is 5% per year based on the original subscription price (50¢ per unit per year).
Middlefield Capital Corp. will provide investment management advice to the Fund.
The syndicate of agents was co-led by CIBC Capital Markets and RBC Capital Markets, and included BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Industrial Alliance Securities, Manulife Securities Incorporated, Desjardins Securities Inc., Mackie Research Capital Corp. and Middlefield Capital Corp.