Transaction|May 31, 2011
TransGlobe Apartment REIT completes C$57.5 million offering of trust units
Torys acted as counsel to the underwriters with a team that included Patricia Koval, Simon Knowling, Michael Zackheim and Christian Thatcher (corporate/securities), Michael Fortier (environmental) and Corrado Cardarelli (tax).
On May 31, 2011, TransGlobe Apartment Real Estate Investment Trust (the REIT) (TSX: TGA.UN) announced the completion of its bought deal public offering of 4,979,500 trust units at a price of C$11.55 per unit for aggregate gross proceeds of C$57.5 million. The units were issued under a prospectus supplement dated May 24, 2011 to a short form base shelf prospectus dated May 11, 2011.
The offering was led by CIBC World Markets Inc., and included TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., Dundee Securities Ltd., GMP Securities L.P. and National Bank Financial Inc.
The REIT intends to use the net proceeds to fund future property acquisitions, including a complex of seven buildings in Quebec City, to repay outstanding amounts drawn on the REIT's revolving credit facility and for general trust purposes.
TransGlobe Apartment REIT, headquartered in Mississauga, Ontario, is an unincorporated, open-ended real estate investment trust. The REIT was formed to own multi-suite residential rental properties across Canada.
Further information is found here TransGlobe Apartment REIT's website.
The offering was led by CIBC World Markets Inc., and included TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., Dundee Securities Ltd., GMP Securities L.P. and National Bank Financial Inc.
The REIT intends to use the net proceeds to fund future property acquisitions, including a complex of seven buildings in Quebec City, to repay outstanding amounts drawn on the REIT's revolving credit facility and for general trust purposes.
TransGlobe Apartment REIT, headquartered in Mississauga, Ontario, is an unincorporated, open-ended real estate investment trust. The REIT was formed to own multi-suite residential rental properties across Canada.
Further information is found here TransGlobe Apartment REIT's website.