TORONTO, March 15, 2022 (GLOBE NEWSWIRE) -- REIT Notes Program Ltd. (“REIT Notes Program”) today has filed an early warning report under National Instrument 62-103 - The Early Warning System And Related Take-Over Bid And Insider Reporting Issues in connection with its disposition (the “Dispositions”) of 910,778 units (the “Units”) of Inovalis Real Estate Investment Trust (the “REIT”).

Between November 6, 2020 and March 7, 2022, REIT Notes Program disposed of 910,778 Units through the facilities of the Toronto Stock Exchange at an average price of $9.83, for a total consideration of approximately $8,952,947. Prior to the Dispositions, REIT Notes Program held 4,489,127 Units which represented approximately 14% of the issued and outstanding Units of the REIT on a non-diluted basis. Immediately after the Dispositions, REIT Notes Program held 3,578,349 Units which represents approximately 11% of the REIT’s issued and outstanding Units on a non-diluted basis. All Units are held directly by REIT Notes Program and no joint actor of REIT Notes Program holds any securities of the REIT.

REIT Notes Program acquired the Units for investment purposes. REIT Notes Program intends to evaluate its investment in the REIT and to increase or decrease its unitholdings from time to time as it may deem appropriate. The head office of the REIT is located at: 151 Yonge Street, 11 Floor Toronto, Ontario M5C 2W7. The address of REIT Notes Program is: c/o MaplesFS Limited PO Box 1093 Queensgate House, Grand Cayman, KYl-1102, Cayman Islands.

This news release is being issued in accordance with National Instrument 62‐103 – The Early Warning System and Related Take‐Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated March 15, 2022. A copy of the early warning report to which this press release relates can be obtained from REIT Notes Program at the address of c/o Maples Corporate Services Limited, PO Box 309, Ugland House, South Church Street, Grand Cayman, Cayman Islands KY1-1104 or under the REIT’s issuer profile on SEDAR (www.sedar.com).

For more information, contact:

REIT Notes Program Ltd.
Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands
+971 4 511 4202
[email protected]

SOURCE: REIT Notes Program Ltd.