Minto Apartment Real Estate Investment Trust agreed to buy two multi-residential properties with a total of 528 units in Montreal for approximately C$281.1 million.
The properties include the 318-unit, 12-story Le 4300 building at 4300 de Maisonneuve Blvd. W. and the 10-building Haddon Hall asset with 210 units. The company plans certain upgrades at both properties and expects to close the acquisition on or about Nov. 20.
The company will fund the purchase price through a C$225 million bought-deal public offering of trust units, a new C$45 million mortgage and its credit facility.
The offering comprises 9,850,000 units at C$22.85 apiece and comes with an overallotment option for the underwriters to acquire 985,000 additional units. Closing is expected on or about Oct. 22.
The syndicate of underwriters for the offering is book run by TD Securities Inc. and BMO Capital Markets.
