On June 6, 2019, Northview Apartment Real Estate Investment Trust ("Northview") announced the closing of its previously announced public offering, on a bought deal basis, of trust units with a syndicate of underwriters co-led by CIBC Capital Markets and Scotiabank. An aggregate of 3,220,000 trust units were issued by Northview at a price of C$26.80 per unit, including 420,000 units issued on the full exercise of the underwriters' over-allotment option, for aggregate gross proceeds of C$86.3 million.
Northview intends to use a portion of the net proceeds from the offering to partially repay its credit facilities, which were drawn on, in part, to fund the C$52.7 million acquisition of a newly built three-building apartment complex comprising 161 suites in Guelph, Ontario, which closed on June 3, 2019. It is intended that the remaining net proceeds will be used to repay a portion of its credit facilities previously used to internally fund growth.
Further information can be found on Globe Newswire's website.
Northview is one of Canada's largest publicly traded multi-family REITs with a portfolio of approximately 27,000 residential suites and 1.2 million square feet of commercial space in more than 60 markets across eight provinces and two territories.