Pure Multi-Family REIT LP upsized its equity offering to 8,994,000 class A units priced at C$8.90 apiece for gross proceeds of roughly C$80 million.
The REIT has granted underwriters a 30-day option to acquire up to 1,349,100 additional units. The offering is expected to close on or about April 7, subject to regulatory approval.
The offering had an initial unit count of 7,870,000 class A units, at C$8.90 apiece, for proceeds of about C$70 million.
The company plans to use the net proceeds to fund future acquisitions of class A apartment communities in major U.S. Sunbelt markets and for working capital and general partnership purposes.
The syndicate of underwriters is co-led by CIBC Capital Markets, Scotiabank and Canaccord Genuity Corp., with CIBC and Scotiabank serving as book runners.