CanadianApartment Properties Real Estate Investment Trust struck a dealwith a syndicate of underwriters to conduct led by RBC Capital to conduct abought-deal offering that is expected to raise gross proceeds of roughlyC$150.1 million.
The offering comprises 4,660,000 units priced at C$32.20 perunit. The company also granted the underwriters an overallotment option toacquire up to a further 466,000 units. The overallotment option is exercisable inwhole or in part up to 30 days following closing, which is expected to takeplace on or about Aug. 3.
The net proceeds are planned to be used to partially repaythe company's roughly C$143 million acquisition and operating facility, whichit utilized to partially finance previous acquisitions, among other uses. Itwill use any remaining proceeds for future acquisitions, CapEx and generaltrust purposes.
The company also detailed its recently completed propertyacquisitions, totaling 1,992 units and carrying an overall acquisition cost ofC$304.6 million.
In June, it completedthe acquisition of 850 units in Ottawa, Ontario, for roughly C$183.1 million.It also closed the purchase of 21 apartment units in Victoria, BritishColumbia, for C$2.6 million.
In May, it completed the acquisition of 199 units spreadacross Fort St. John, British Columbia, and Mississauga, Ontario, forapproximately C$18.9 million.
In April, the company wrapped up the purchase of another 83units in Markham, Ontario, and Charlottetown, Prince Edward Island, for C$17.8million.
Canadian Apartment Properties also completed the acquisitionof 670 apartment/townhome units in London, Ontario, in January for C$52.9million.
In December 2015, it closed the acquisition of 169 units in Victoria forroughly C$29.4 million.