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North American REIT Income Fund Completes Initial Public Offering

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TORONTO, Nov. 19, 2012 /CNW/ - North American REIT Income Fund (the "Fund") is pleased to announce the closing of its initial public offering (the "Offering"). Pursuant to the Offering, the Fund issued 4.2 million transferable trust units (the "Units") at $10.00 per Unit, for gross proceeds of approximately $42 million. The Fund has granted the agents for the offering an over-allotment option to acquire up to an additional 15% of Units issued at a price of $10.00 per Unit exercisable at any time during the next thirty days. The Units are listed on the Toronto Stock Exchange under the symbol NRF.UN.

The Fund's investment objectives are to provide holders of Units with (a)  stable monthly cash distributions; and (b) the opportunity for capital appreciation. The Fund has been created to invest in an actively managed portfolio (the "Portfolio") comprised primarily of listed equity securities issued by real estate investment trusts ("REITs") and to a lesser extent other issuers principally engaged in the real estate industry in Canada and the United States. The Portfolio will be managed by CBRE Clarion Securities LLC. The Fund will be managed by Propel Capital Corporation ("Propel").

The initial distribution target for the Fund is $0.05 per Unit per month ($0.60 per annum to yield 6.0% on the subscription price of $10.00 per Unit). The Fund will not have a fixed distribution amount but intends to at least annually set periodic distribution targets.

The syndicate of agents for this offering was led by RBC Capital Markets and CIBC, and included GMP Securities L.P., BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd., and Manulife Securities Incorporated.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the above-noted agents. Investors should read the prospectus before making an investment decision.


SOURCE North American REIT Income Fund



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