Income trusts have become a common method of structuring publicly-traded investments in North American businesses. Originally used as a tax-efficient way of investing in income-producing real estate assets and producing oil and gas assets, it has now become a vehicle for investing in a wide range of industries. Our firm's robust corporate finance practice has included a large number of income fund transactions. For example, we have recently been involved in the following transactions:
- The $165 million initial public offering of trust units of Gienow Windows & Doors Income Fund;
- The $85.7 million initial public offering of trust units of Richards Packaging Income Fund;
- A $400 million secondary offering of units of CML Healthcare Income Fund;
- A $120 million offering of units of SFK Pulp Fund;
- The $1.25 billion conversion of CML Healthcare Inc. into CML Healthcare Income Fund and the concurrent spinout of Cipher Pharmaceuticals Inc. to shareholders by way of a plan of arrangement;
- Public offerings of units and convertible debentures for various real estate investment trusts including IPC US Income Commercial REIT, the first cross-border real estate income trust, InnVest REIT, Retirement Residences REIT, Alexis Nihon REIT and Cominar REIT;
- A secondary offering of units of Rogers Sugar Income Fund;
- The initial public offering of units of Sleep County Canada Income Fund.
