An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
CBRE Global Real Estate Income Fund (NYSE: IGR) Announces the Preliminary Results of Rights Offering
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
CBRE Global Real Estate Income Fund (NYSE: IGR) recently concluded its transferable rights offering, which ended on April 6, 2023. The offering provided rights holders the opportunity to subscribe for up to 23,378,100 additional common shares at a subscription price of $5.03 per share. The offering grossed approximately $117.6 million. Although the offer was oversubscribed, the fund will not utilize the secondary oversubscription option, and excess payments from those who oversubscribed will be returned. Shares from the offering are expected to be issued on or about April 14, 2023. The final subscription price turned out to be lower than initially estimated, which will lead to refunds for certain subscribing rights holders.
Raised approximately $117.6 million, enhancing cash position.
Negative
Final subscription price lower than initially estimated, indicating potential valuation concerns.
PHILADELPHIA--(BUSINESS WIRE)--
The Board of Trustees (the “Board”) of the CBRE Global Real Estate Income Fund (NYSE: IGR) (the “Fund”) today announced the preliminary results of its transferable rights offering (the “Offer”) which expired on April 6, 2023 (the “Expiration Date”). The Offer entitled the rights holders to subscribe for up to 23,378,100 additional common shares of the Fund (“Common Shares”). The subscription price for the Common Shares to be issued was $5.03 per Common Share, which was determined based on a formula equal to 95% of the average of the last reported sales price of a Common Share on the NYSE on the Expiration Date and each of the four (4) immediately preceding trading days. The gross proceeds of the Offer are expected to be approximately $117.6 million (including oversubscription requests and notices of guaranteed delivery).
The Offer was oversubscribed; however, the Fund will not exercise the secondary oversubscription which would have increased the number of Common Shares to be issued in the Offer. The available oversubscription shares will be allocated pro rata among those fully exercising record date shareholders who oversubscribed based on the number of rights originally issued to them by the Fund. The Fund will return to those investors that submitted oversubscription requests the full amount of their excess payments.
The Common Shares subscribed for are expected to be issued on or about April 14, 2023, after completion of the pro-rata allocation of Common Shares in respect of the oversubscription privilege and receipt of all shareholder payments. The final subscription price is lower than the original estimated subscription price. Accordingly, any excess payments will be returned to subscribing rights holders as soon as practicable, in accordance with the prospectus supplement filed with the Securities Exchange Commission on February 27, 2023.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $149.3 billion in assets under management* as of December 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
