Canadian Apartment Properties Real Estate Investment Trust plans to sell roughly C$150.1 million worth of its units to a syndicate of underwriters led by RBC Capital markets on a bought-deal basis.
The Canadian residential landlord will be offering 4,270,000 units at C$35.15 apiece, subject to regulatory approval. The underwriters were also granted a 30-day overallotment option for up to an additional 640,500 units.
The company will channel proceeds from the offering to partially repay the roughly C$450 million drawn, as of Dec. 31, 2017, on its acquisition and operating facility worth approximately C$143 million, and any remainder for future acquisitions, capital expenditures and general trust purposes.
The public unit financing is expected to take place on or around March 15, according to a release.