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Allied Properties REIT closes C$300M debenture offering

Allied Properties REIT closed its C$300 million offering of 3.113% series E senior unsecured debentures due April 8, 2027.

The company plans to use the net proceeds to prepay about C$140 million of first mortgages maturing in 2021 and 2022, with a weighted average interest rate of 4.21% and secured by 14 properties worth about C$400 million. The REIT also plans to repay about C$60 million drawn on its unsecured line of credit and to finance its development and value-add initiatives over the rest of 2019.

Scotia Capital Inc., CIBC World Markets Inc. and TD Securities Inc. led the syndicate of agents for the offering.