January 04, 2022

Nova Net Lease REIT IPO

Goodmans LLP acted for Nova Net Lease REIT ("NOVA" or the "REIT") (CSE: NNL.U), Canada's first Cannabis REIT, in connection with its initial public offering of 3,167,478 trust units (the "Units") at a price of US$1.25 per Unit (the "Offering").

The Offering raised gross proceeds of approximately US$4.0 million. The Units will begin trading on the Canadian Securities Exchange today under the symbol "NNL.U".

The REIT has been formed to acquire specialized industrial and retail properties leased to experienced, top-tier, creditworthy state-licensed operators for their Regulated Cannabis facilities ("Licensed Facilities") in the United States, and is the only Canadian publicly listed REIT exclusively addressing US regulated cannabis real estate. Significantly, Nova is the first Cannabis REIT in Canada.

Clients note, "They have a good team of very experienced lawyers who know the process, " adding, "They have a good bench strength." — Chambers Canada
Clients note, "They get our business and what we're trying to accomplish. It's not just technical advice." — Chambers Canada
One interviewee reported, "The Goodmans team as a whole is excellent," adding: "The lawyers are very responsive and get the job done. It is of great assurance to have them as our legal advisers." — Chambers Canada
One client noted, "...they handled a very complicated transaction involving many jurisdictions and did a very good job. They are always able to make comparative decisions through a relatively simple way and try to balance risk and find solutions." — Chambers Canada
Clients note, "The client service at Goodmans has always been excellent, and they are very deep from a corporate and financing perspective." — Chambers Global
Interviewees praise the firm's work on cross-border matters, saying: "The team's coordination is superb, its work ethic unparalleled and the service excellent." — Chambers Global
One client noted, "very strong legal minds, focus in on the business issues...good communicators, include my internal team as much or as little as we may want on a particular project." — IFLR1000
....punches above its weight for big-ticket M&A in Canada, recently advising on substantial transactions in mining, energy, technology and cannabis sectors. — Chambers Global
Clients commend Goodmans for being, "very entrepreneurial in their culture, in addition to being able to provide sophisticated and excellent legal assistance." — Chambers Canada

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