Canadian Apartment Properties Real Estate Investment Trust
TSX : CAR.UN

Canadian Apartment Properties Real Estate Investment Trust

March 25, 2015 08:49 ET

Canadian Apartment Properties Real Estate Investment Trust Announces Closing of $154.7 MM Equity Financing

TORONTO, ONTARIO--(Marketwired - March 25, 2015) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has closed its previously announced issue and sale of 5,555,000 units for $27.85 per unit for aggregate gross proceeds of $154,706,750, which includes the exercise in full of the over-allotment option. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.

CAPREIT intends to use the net proceeds of the offering first to repay a portion of the funds owing under CAPREIT's acquisition and operating facility in the amount of approximately $134 million. Such acquisition and operating facility was utilized by CAPREIT to, among other uses, partially fund acquisitions completed since January 2015 with aggregate acquisition costs of $158 million. The remainder of the net proceeds of the offering will be used for future acquisitions, capital expenditures and for general trust purposes.

"The proceeds of this offering will help to once again strengthen our balance sheet, enabling us to capitalize on future investments aimed at enhancing Unitholder value," commented Thomas Schwartz, President and CEO.

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,824 residential units, comprising 35,540 residential suites and 30 manufactured home communities comprising 6,284 land lease sites located in and near major urban centres across Canada. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.

All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.

Contact Information

  • CAPREIT
    Mr. Michael Stein
    Chairman
    (416) 861-5788

    CAPREIT
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404

    CAPREIT
    Mr. Scott Cryer
    Chief Financial Officer
    (416) 861-5771