Morguard North American Residential REIT completes C$103 million offering of trust units
On August 28, 2019, Morguard North American Residential Real Estate Investment Trust (the "REIT") completed its previously announced public offering with a syndicate of underwriters, co-led by RBC Capital Markets and TD Securities Inc., on a bought deal basis, of 5,226,200 trust units of the REIT, at a price of C$19.75 per unit representing gross proceeds of C$103,217,450. The offering included 150,000 units issued pursuant to the partial exercise of the over-allotment option granted to the underwriters.
As part of the transaction, Morguard Corporation purchased $25,062,750 of the units being offered, being 1,269,000 units, at the offering price. Morguard Corporation currently holds, indirectly, an approximate 44.8% effective interest in the REIT through ownership of units and Class B LP units.
The REIT intends to use the net proceeds from the offering to fund future acquisitions, for debt repayment and for general business purposes.
Further information can be found on Canada Newswire's website.
Morguard North American Residential REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.