Canadian Apartment Properties REIT completed a bought-deal offering of 9,119,500 units at C$53.60 apiece, for gross proceeds of approximately C$488.8 million.

The Canadian multifamily real estate investment trust said the offering includes the full exercise of the underwriters' overallotment option.

The company plans to use the net proceeds to fund its acquisition of unencumbered multi-residential properties for about C$161 million and to finance its purchase of freehold interest in 86 units in a Toronto property for C$6 million.

Net proceeds will also be used to repay two acquisitions and operating facilities amounting to about C$168 million and C$72 million, respectively, among other things.

RBC Capital Markets led the syndicate of underwriters for the offering.