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Northview Apartment REIT to offer 2.8 million trust units

Northview Apartment REIT will offer 2.8 million of its trust units at C$26.80 apiece on a bought-deal basis, for gross proceeds of C$75 million.

The Canadian multifamily real estate investment trust also granted the underwriters a 30-day option to purchase up to an additional 420,000 units at the same price. The offering is expected to close on or about June 6.

Northview intends to use the net proceeds from the offering for the acquisition of an apartment complex in Guelph, Ontario, and to repay a portion of its credit facilities.

Northview is paying C$52.7 million for the three-building, 161-unit Parkwood Place property from an affiliate of Starlight Group Property Holdings Inc., in a deal representing a capitalization rate of approximately 4.4%.

The company intends to fund the deal, expected to close in June, by issuing C$5 million of class B limited partnership units of certain Northview subsidiaries, in addition to the proceeds from the unit offering.

CIBC Capital Markets and Scotiabank will jointly lead the syndicate of underwriters of the offering.