May 25, 2007
NEWTON, Mass.--RMR Asia Real Estate Fund (AMEX: RAF) today announced that it has priced its initial public offering.RMR Asia Real Estate Fund (the "Fund") is a closed end investment management company. The Fund's investment objective is capital appreciation.
A total of 4,750,000 shares were priced at $20 each, aggregating $95 million of gross proceeds. Subject to conditions customary in transactions of this type, this offering is expected to close on May 30, 2007. The Fund is expected to begin trading today on the American Stock Exchange under the symbol "RAF".
The Fund has granted the offering underwriters an option to purchase up to an additional 712,500 shares during the next 45 days to cover over allotments, if any.
RBC Capital Markets Corporation was the book runner for this offering. Wachovia Capital Markets LLC was the co-lead manager of this offering. The co-managing underwriters for this offering were Banc of America Securities LLC, ERADE Securities LLC, Ferris, Baker Watts, Inc., Janney Montgomery Scott LLC, Oppenheimer & Co., Stifel, Nicolaus & Co. and Comerica Securities Inc.
This press release is not an offer to sell, nor a solicitation of an offer to buy shares. A copy of the final prospectus can be obtained by contacting RBC Capital Markets Corporation at 60 South Sixth Street, 17th Floor, Minneapolis, MN 55402, or Wachovia Capital Markets, LLC at 375 Park Avenue, New York, NY 10152, or by contacting any of the co-lead or co-managing underwriters.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON RMR ASIA REAL ESTATE FUND'S PRESENT BELIEFS AND EXPECTATIONS BUT MAY NOT OCCUR. FOR EXAMPLE:
- THE PRICING OF THE FUND'S INITIAL PUBLIC OFFERING MAY IMPLY THAT THIS OFFERING WILL CLOSE. THE CLOSING MAY BE DELAYED OR MAY NOT OCCUR AT ALL.
- THE GRANTING BY THE FUND OF AN OVER ALLOTMENT OPTION TO THE UNDERWRITERS MAY IMPLY THAT THIS OPTION WILL BE EXERCISED. UNDERWRITERS OF THIS OFFERING ARE UNDER NO OBLIGATION TO EXERCISE THIS OPTION, OR ANY PORTION OF IT, AND MAY NOT DO SO.
- THE STATEMENT OF THE FUND'S INVESTMENT OBJECTIVE MAY IMPLY THAT THIS OBJECTIVE WILL BE REALIZED. BECAUSE OF THE RISKS DESCRIBED IN THE PROSPECTUS OR FOR OTHER REASONS, THIS OBJECTIVE MAY NOT BE REALIZED.
INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.AN INVESTMENT IN RMR ASIA REAL ESTATE FUND INVOLVES RISKS, INCLUDING BUT NOT LIMITED TO RISKS ARISING FROM THE FUND'S INVESTMENT IN FOREIGN SECURITIES, SPECIFICALLY WITHIN ASIA. FOR MORE INFORMATION ON RISKS AND THE EXPENSES AND CHARGES WHICH WILL BE PAID BY RMR ASIA REAL ESTATE FUND SHAREHOLDERS, INVESTORS ARE ADVISED TO OBTAIN THE FUND'S FINAL PROSPECTUS AND READ IT IN ITS ENTIRETY PRIOR TO INVESTING.
RMR Asia Real Estate Fund
Timothy A. Bonang
617-332-9530
Manager of Investor Relations
www.rmrfunds.com
© Business Wire , 2008 - 05/25/2007 09:00 AM