A new era for REITs: Canada’s latest real estate IPO targets 2-per-cent yield [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
A new era for REITs: Canada’s latest real estate IPO targets 2-per-cent yield The latest property owner to attempt an initial public offering is aiming to pay an annual yield around 2 per cent, an uncommonly low rate that illustrates the heavy demand for Canadian apartment buildings. Late last week, Toronto-based Continuum Residential Real Estate Investment Trust filed the paperwork for its IPO. According to two people familiar with the offering, the issuer is looking to raise $3-million and would pay investors 2 per cent annually if its units are priced at the mid-point of their marketing range. The Globe and Mail granted the sources confidentiality because they were not authorized to speak publicly. If the deal is successful, it will mark a significant evolution of the sector. Historically, retail investors adored real estate investment trusts (REITs) because they tended to pay yields around 5 per cent or 6 per cent, offering some relatively stable annual income to the boomers and r
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