Renting an apartment
(Editor's note: An earlier version of this post misspelled Milestone REIT. This version has been corrected.)
Another real estate investment trust wants to debut on Canadian markets, looking to raise about $200-million from investors keen on U.S. apartments.
Milestone REIT is expected to file initial public offering documents Friday, according to two people familiar with the situation. BMO Nesbitt Burns and CIBC World Markets are said to be leading the transaction.
The REIT invests in what are known as garden apartments and offers a way to play a rebounding U.S. economy and real estate markets.
REITs have been a very popular seller in Canada, thanks to their income potential. Real estate companies have accounted for a good chunk of the new stock issued in the past year.
Milestone comes on the heels of the closing of a deal for Agellan REIT on Friday, a commercial property focused company that completed its IPO and began trading.
(Boyd Erman is a Globe and Mail Capital Markets Reporter & Streetwise Columnist.)