Northview Apartment REIT completes bought deal offering of trust units
Torys acted as counsel to the syndicate of underwriters co-led by CIBC Capital Markets and Scotiabank with a team that included Michael Zackheim and Riley Harmon (corporate/securities), Nooreen Bhanji (real estate), Andrew Wong and Joshua Morry (tax).
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.