Middlefield Announces Intention to Merge Middlefield Global Real Asset Fund Into Real Estate Split Corp.

Real Estate Split Corp.
Real Estate Split Corp.

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TORONTO, June 25, 2024 (GLOBE NEWSWIRE) -- Middlefield Limited (the “Manager”), the manager of Middlefield Global Real Asset Fund (“Real Asset”), is pleased to announce that Real Asset intends to merge into Real Estate Split Corp., a split share corporation founded on November 19, 2020, which invests in a diversified, actively managed, high conviction portfolio of issuers engaged in e-commerce and data infrastructure as well as the multi-family, industrial, retail, seniors housing and healthcare sectors (the “Merger”).

The investment objectives of Real Estate Split Corp. are to provide:
               Holders of Class A shares with:
                           (i) non-cumulative monthly cash distributions; and
                           (ii) the opportunity for capital appreciation through exposure to Real Estate Split Corp’s portfolio; and
               Holders of Preferred shares with:
                           (i) fixed cumulative preferential quarterly cash distributions; and
                           (ii) a return of the original issue price of $10.00 to holders upon maturity.

Real Estate Split Corp. is focused on traditional property types like industrial, multi-family, senior housing, and retail that Middlefield Capital Corporation, the investment advisor of Real Asset and Real Estate Split Corp (the “Advisor”), believes are well-positioned to benefit from growing demand and constrained real estate supply, as well as emerging property types like data centres, U.S. cell towers, and life science labs that represent an increasing share of the real estate market. Real Estate Split Corp. employs a tactical asset allocation strategy in order to seek the best combination of capital appreciation potential and income and will actively adjust the Portfolio’s asset allocation across sectors/themes based upon the Advisor’s outlook.

A special meeting of Real Asset unitholders will be held on or about September 24, 2024, at which unitholders of Real Asset will be asked to approve the Merger. Further details of the meeting will be provided in an information circular to be distributed to Real Asset unitholders in advance of the special meeting. If approved, the Merger is expected to be completed on or about December 6, 2024 (the “Effective Date”). All costs of the Merger and the special meeting will be borne by the Manager.