Northview Apartment REIT completes bought deal equity financing

On June 25, 2018, Northview Apartment Real Estate Investment Trust ("Northview") announced that it closed 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 4,830,000 units were issued by Northview at a price of C$26.20 per unit, including 630,000 units issued on the full exercise of the underwriters' over-allotment option, for aggregate gross proceeds of C$126.5 million.

Northview intends to use the net proceeds from the offering to fund a portion of the C$151.8 million purchase price in connection with its acquisition of a 623 unit portfolio of six apartment properties from affiliates of Starlight Group Property Holdings Inc., and to repay a portion of its existing credit facilities.

Northview is one of Canada's largest publicly traded multi-family REITs with a portfolio of approximately 25,000 quality residential suites and 1.2 million square feet of commercial space in more than 60 markets across eight provinces and two territories.

Further information can be found on Globe Newswire's website.