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by Stockwatch Business Reporter
The TSX Venture Exchange
gained 1.87 points to close at 575.63 Tuesday. Gordon Wiebe's first capital pool shell, Sun Residential Real Estate Investment Trust (SRES: halted),
has closed its qualifying transaction and the concurrent financing. For its QT, the shell has acquired a 51-per-cent interest in a multifamily residential property (better known as an apartment complex) in Tallahassee, Fla., for $11.02-million (U.S.) cash. To finance this payment, the shell raised $17.05-million in an offering of units at 11.5 cents. Part of the offering was brokered ($11.73-million), and the rest was non-brokered ($5.32-million). Sun Residential now has 203,338,999 units issued. It has received conditional approval from the TSX-V for its QT, and it expects to begin trading as a shell graduate, specifically a real estate issuer, next week.
In the QT filing statement dated Jan. 24, 2020, the shell provided additional information on the 26.17-acre property that forms the basis of the transaction. It includes 12 apartment buildings, each with three or four storeys. There are 288 units in total, with the average apartment size being 968 square feet. The average rent is $1,209 (U.S.) a month. Apartments range from one-bedroom/one-bathroom units to three-bedroom/two-bathroom units. The entire apartment complex is 98.3 per cent occupied. It is gated, with amenities including a pool, a clubhouse and a 24-hour gym. It is near a golf course and a 127-acre park.
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