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CAPREIT closes C$250M unit offering

Canadian Apartment Properties Real Estate Investment Trust closed its offering of 5.5 million units at C$45.50 per unit for gross proceeds of about C$250.3 million.

CAPREIT plans to use the offering's net proceeds to repay approximately C$239 million of C$570 million drawn on the company's acquisition and operating facility.

A syndicate of underwriters led by RBC Capital Markets conducted the offering on a bought-deal basis.