AIP Realty Trust Completes Third Tranche of Preferred Units Offering

AIP Realty Trust announced the completion of its third tranche in a non-brokered private placement, issuing 1,367,945 Series B Convertible Preferred Units at US$0.50 each. The tranche raised gross proceeds of US$683,973, contributing to a total possible issuance of up to 14 million units for US$7 million. Previously, 9,844,000 units were issued for US$4,922,000. A fourth tranche is anticipated soon.

Preferred Unit holders enjoy voting rights and priority over Class A Trust Units for income distributions and asset allocation on dissolution. Convertible conditions allow conversion into Trust Units under specific circumstances, such as mergers or by April 2027. The funds from this offering will support AIP's business combination with AllTrades Industrial Properties, LLC, covering audit and legal fees, documentation, and due diligence costs.

The third tranche units are subject to a four-month hold period. Subsequent tranches await TSXV approval. Lawrence Mason, now holding 11.21% of voting securities, acquired 806,000 units for investment purposes outside market facilities.