The final long form prospectus is
accessible through SEDAR+
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TORONTO, June 27,
2024 /CNW/ - Clear Sky Land Lease Communities
Fund I (the "Trust") announced today that it has filed with
the securities commissions or similar authorities in each of the
provinces of Canada, and obtained
a receipt for, a final prospectus (the "Prospectus") for its
initial public offering of trust units (the "Offering"). The
Prospectus qualifies the distribution of a minimum of C$35 million (the "Minimum Offering") and
a maximum of C$60 million (the
"Maximum Offering") of Class A Units, Class F Units and/or
Class U Units of the Trust at a price of C$10.00 per Class A Unit and Class F Unit and
US$10.00 per Class U Unit. It is
expected that the Offering will close on or about July 9, 2024.
The Trust is an unincorporated investment trust and was
established for the primary purpose of investing in a portfolio of
seven income-producing manufactured housing communities
("MHCs") in the United
States. Following completion of the Offering, the Trust
intends to indirectly acquire two of the MHCs if only the Minimum
Offering is sold, one or more of five additional MHCs if more than
C$40 million is sold, and all seven
MHCs if the Maximum Offering is sold. The balance of the net
proceeds of the Offering will be used to satisfy payment of other
acquisition related costs, capital expenditures on the seven
to-be-acquired properties and working capital.
Clear Sky Capital Inc. ("Clear Sky") is the promoter of
the Trust and will also act as manager of the portfolio of
properties. Since its inception in 2009 and through the third
quarter of 2023, Clear Sky and its affiliates have acquired or
developed approximately US$1.48
billion of real estate and operating asset investments,
investing approximately US$625
million of equity through various investment vehicles. Clear
Sky's real estate investments are diversified across various
sectors including MHCs, self-storage and multifamily.
The syndicate of agents for the Offering is being led by CIBC
World Markets Inc. and includes Richardson Wealth Limited,
Canaccord Genuity Corp., iA Private Wealth Inc. and
Wellington-Altus Private Wealth Inc. (collectively, the
"Agents").
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities of the Trust in
the United States, nor shall there
be any sale of the securities of the Trust in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), and may not be offered
or sold in the United States
absent registration or an applicable exemption from the
registration requirements of the 1933 Act and applicable state
securities laws.
This Offering is being made to the public by prospectus.
Access to the Prospectus and any amendment to the Prospectus is
provided in accordance with securities legislation relating to
procedures for providing access to a prospectus and any amendment.
The Prospectus is accessible on SEDAR+ at www.sedarplus.com. An
electronic or paper copy of the Prospectus and any amendment to the
Prospectus may be obtained, without charge, from CIBC
World Markets Inc. by telephone at 1-416-956-6378 or by email
at mailbox.canadianprospectus@cibc.com, by
providing such contact with an email address or address, as
applicable. Prospective investors should read the Prospectus before
making an investment decision.
Forward-looking Statements
This news release contains statements that include
forward-looking information within the meaning of Canadian
securities laws. These forward-looking statements reflect the
current expectations of the Trust and Clear Sky regarding future
events, including statements concerning the use of proceeds of the
Offering and the expected closing date of the Offering. In some
cases, forward-looking statements can be identified by terms such
as "may", "might", "will", "could", "should", "would", "occur",
"expect", "plan", "anticipate", "believe", "intend", "seek", "aim",
"estimate", "target", "project", "predict", "forecast",
"potential", "continue", "likely", "schedule", or the negative
thereof or other similar expressions concerning matters that are
not historical facts.
Material factors and assumptions used by management of the Trust
to develop the forward-looking information include, but are not
limited to, the Trust's current expectations about: the expected
closing date of the Offering, opportunities, market standards,
vacancy and rental growth rates in the U.S. MHC market; demographic
trends in the U.S.; the realization of property value appreciation
and timing thereof; the inventory of MHCs and manufactured homes;
the price at which the MHCs may be disposed and the timing thereof;
closing and other transaction costs in connection with the
acquisition and disposition of the MHCs; the availability of
mortgage financing and current interest rates; the capital
structure of the Trust; the extent of competition for MHCs and
manufactured homes; assumptions about the markets in which the
Trust intends to operate; expenditures and fees in connection with
the maintenance, operation and administration of the MHCs; the
ability of Clear Sky to manage and operate the MHCs; the global and
U.S. economic environment, including changes in interest rates and
the rate of inflation; fluctuating global economic conditions,
demand levels for MHCs in the U.S., the U.S. housing market,
work-from-home policies, and MHC development activity; the impact
of negative geopolitical events, including the conflicts in
Ukraine and the Middle East; foreign currency exchange rates;
and governmental regulations or tax laws. While management of the
Trust considers these assumptions to be reasonable based on
currently available information, they may prove to be
incorrect.
Although Clear Sky believes that the expectations reflected in
such forward-looking statements are reasonable and represent the
Trust's internal projections, expectations and beliefs at this
time, such statements involve known and unknown risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors, many of
which are beyond the Trust's control, may affect the operations,
performance and results of the Trust, and could cause actual
results in future periods to differ materially from current
expectations of estimated or anticipated events or results
expressed or implied by such forward-looking statements. Such
factors include the risks identified in the Prospectus, including
under the heading "Risk Factors" therein. Readers are cautioned
against placing undue reliance on forward-looking statements.
Except as required by applicable Canadian securities laws, the
Trust undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
SOURCE Clear Sky Land Lease Communities Fund I