Pure Multi-Family REIT LP's upsized equity offering grossed roughly C$92.1 million after a full exercise of the overallotment option.
The REIT sold 10,343,100 class A units, including 1,349,100 units under the overallotment option, on a bought-deal basis for C$8.90 apiece.
The offering had an initial unit count of 7,870,000 class A units, at C$8.90 apiece, for proceeds of about C$70 million, that was later upsized to 8,994,000 units.
The REIT plans to use the net proceeds to fund future acquisitions of class A apartment assets in major U.S. Sunbelt markets, for working capital and for general corporate purposes.
The syndicate of underwriters was co-led by CIBC Capital Markets, Scotiabank and Canaccord Genuity Corp., with CIBC and Scotiabank serving as book runners.
The syndicate included National Bank Financial Inc., RBC Capital Markets, GMP Securities LP, Industrial Alliance Securities Inc., Echelon Wealth Partners Inc., Eight Capital, Laurentian Bank Securities Inc. and Raymond James Ltd.