CALGARY, ALBERTA--(Marketwired - Oct. 31, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Northview Apartment Real Estate Investment Trust (TSX:NVU.UN) ("Northview") announced today that they have closed their previously announced public offering (the "Offering") of trust units ("Units") with a syndicate of underwriters (the "Underwriters") led by CIBC Capital Markets and Scotiabank.
An aggregate of 3,536,250 Units were issued by Northview at a price of $21.15 per Unit, including 461,250 Units issued on the full exercise of the Underwriters' over-allotment option, for aggregate gross proceeds of $74.8 million.
Northview intends to use the net proceeds from the sale of the Units for:
- leverage reduction, including the repayment of credit facilities used to fund recent developments,
- value creation initiatives,
- ongoing development and acquisition opportunities; and
- working capital requirements.
Northview is one of Canada's largest publicly traded multi-family REIT with a portfolio of approximately 24,000 quality residential suites in more than 60 markets across eight provinces and two territories. Northview's portfolio spans markets characterized by expanding populations, growing economies, high occupancy levels, and rising rents, which provides Northview the means to deliver stable and growing profitability and cash distributions over time. The REIT currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.
Forward Looking Statements
This news release contains forward‐looking statements relating to the Offering, including the intended use of proceeds of the Offering. These statements are not guarantees of future events, performance or results and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. Forward‐looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management's good faith belief with respect to future events, performance and results, and are subject to inherent risks and uncertainties surrounding future expectations generally, which could cause actual results to differ materially from what is currently expected. Such risks and uncertainties include, but are not limited to, risks related to: the economic climate, dilution, unit price volatility and competition, and other risk factors more particularly described in the most recent Annual Information Form available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to Northview or that Northview currently believes to be less significant may also adversely affect Northview.
Readers are cautioned that the above list of factors is not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual events, performance and results may vary significantly from those expected. There can be no assurance that the actual results, performance, events or activities anticipated by Northview will be realized or, even if substantially realized, that they will have the expected consequences to, or effect on, Northview. Readers, therefore, should not place undue importance on forward‐looking information. Further, forward‐looking statements speak only as of the date on which such statements are made. Northview disclaims any intention or obligation to update or revise any forward‐looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.