Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(}function setPanelState(o){dom.root.classList[o?"add":"remove"](,dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }
TSX Real-Time Last Sale CAD
Today's Change
Price Quote as of

More stories below advertisement

Canadian Apartment Properties Real Estate Investment Trust Announces Closing of $345 Million Equity Financing

Canada Newswire - Tue Apr 23, 8:06AM CDT


TORONTO, April 23, 2019 /CNW/ - (TSX:CAR-UN.TO) - Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR-UN.TO) ("CAPREIT" or the "REIT") announced today that it has closed its previously announced issue and sale of 7,043,750 units for $49.00 per unit for aggregate gross proceeds of $345,143,750, 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:

- to finance the REIT's approximately $116 million equity requirement as part of a $182 million portfolio acquisition of 23 Manufactured Housing Communities totaling 3,469 sites across Canada;

- to fund the REIT's $46 million equity requirement for approximately $86 million of additional Canadian acquisitions of newly constructed apartment properties (that are in the advanced stages of due diligence for certain of these acquisitions). These acquisitions are expected to close at various points in the remainder of the second quarter of 2019;

- to partially repay the outstanding balance on the REIT's acquisition and operating facility in the amount of approximately $168 million. The REIT's acquisition and operating facility was recently drawn to, among other uses, fund the REIT's approximately $69 million acquisition of Willoughby Walk that closed on April 15, 2019, fund the REIT's approximately $66 million acquisition of an unencumbered 1,104 site MHC portfolio that closed on March 14, 2019 and to partially fund the approximately EUR98 million acquisition of 511 residential suites in the Netherlands that closed on February 26, 2019; and

- the remainder, if any, for future acquisitions, capital expenditures and for general trust purposes.


CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities primarily located in and near major urban centres across Canada and The Netherlands. As at April 15, 2019, CAPREIT had owning interests in 53,143 residential units, comprised of 45,446 residential suites and 45 manufactured home communities ("MHC") comprising 7,697 land lease sites. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per unit by 93%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at or and our public disclosure which can be found under our profile at


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

SOURCE Canadian Apartment Properties Real Estate Investment Trust (CAPREIT)

View original content:

Mr. Michael Stein, Chairman, (416) 861-5788 or Mr. Mark Kenney, President &
Chief Executive Officer, (416) 861-2468 or Mr. Scott Cryer, Chief Financial
Officer, (416) 861-5771

More stories below advertisement

All market data (will open in new tab) is provided by Barchart Solutions. Copyright © 2020.

Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. For exchange delays and terms of use, please read disclaimer (will open in new tab).

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies