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InterRent REIT targets C$85M from bought deal equity offering

InterRent Real Estate Investment Trust is targeting about C$85 million in gross proceeds from the sale of 8.7 million trust units at C$9.78 apiece to a syndicate of underwriters under a bought deal equity offering.

The underwriters, co-led by Desjardins Capital Markets and BMO Capital Markets, may buy additional 1,305,000 trust units for roughly C$12.8 million by exercising the overallotment option. The right to purchase additional units will last for 30 days after the offering's closing, slated to occur on or about March 28, subject to regulatory approvals.

Net proceeds will be used for the repayment of existing debt, future acquisitions, working capital and general trust purposes.