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Pure Multi-Family REIT kicks off C$70M bought-deal unit offering

Pure Multi-Family REIT LP launched a bought-deal offering of 7,870,000 class A units at C$8.90 apiece, aiming to raise about C$70.0 million in gross proceeds.

The offering, set to close by April 7, carries a 30-day overallotment option for the underwriters to acquire up to 1,180,500 additional units.

The company plans to use the net proceeds to finance future acquisitions of class A apartment assets 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.