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by Stockwatch Business Reporter

The TSX Venture Exchange fell 2.80 points to 603.62 Monday. Gordon Wiebe has filed a preliminary prospectus to list his first capital pool shell, Sun Residential Real Estate Investment Trust. As this name indicates, the shell plans to seek a qualifying transaction involving residential real estate. More specifically, it will be targeting assets in the U.S. Sunbelt. The shell aims to sell a $250,000 to $500,000 initial public offering at 10 cents through Raymond James Ltd.

Sun Residential REIT sold 10 million escrow units at five cents in March. Its largest escrow unitholder is Dynamic Income Opportunities Fund with two million units. Dynamic Income is a smallish, 12-year-old, $39.6-million fund and is among the Dynamic funds managed by 1832 Asset Management LP.

The shell's second-largest escrow unitholder is its founder, Mr. Wiebe, 61. He lives in Calgary and holds 888,960 escrow units. All the other escrow unitholders hold 888,880 units each. Mr. Wiebe was an accountant with Deloitte & Touche LLP from 1979 to 1983. He has since worked at several real estate management firms, including U.S. Properties Group Inc. Since 2000, he has been the president of Corpfin Services Ltd., a manager of commercial real estate investments in Canada and the United States.

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