GO Residential Real Estate Investment Trust completes US$410 million initial public offering
Torys acted as counsel to the syndicate of underwriters co-led by CIBC Capital Markets and BMO Capital Markets with a team led by Simon Knowling and Michael Zackheim and that included Michael Murphy, Sarah Rimer and Caroline Marful (corporate/Canadian securities), Andy Beck, Chris Bornhorst and Jude Gee (U.S. securities), Alex Tanenbaum and Steven Dhesi (real estate), Michael Fortier (environmental), Jennifer Lennon, Parker Baglole and Ryan Davis (employment and executive compensation), Ed Fan (IP), Corrado Cardarelli, Scott Semer, Andrew Wong and Debra Aboodi (tax).
On July 31, 2025, GO Residential Real Estate Investment Trust (the "REIT") announced that it completed its initial public offering of 27,340,000 trust units with securities regulatory authorities in each of the provinces and territories in Canada, at a price of US$15.00 per unit for gross proceeds of US$410,100,000. The units are listed on the Toronto Stock Exchange under the symbol "GO.U".
The offering was underwritten by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets, as joint active bookrunners, and including BofA Securities, acting as passive bookrunner, RBC Capital Markets, National Bank Financial, Scotiabank, Desjardins Capital Markets, Canaccord Genuity Corp., and BTIG, LLC (collectively, the "Underwriters"). The REIT also granted the underwriters an over-allotment option, exercisable in whole or in part at any time for a period of 30 days following the closing of the offering, to purchase up to an additional 4,101,000 units at the offering price. If exercised in full, the total gross proceeds of the offering would increase to US$471,615,000.
Concurrent with the closing of the offering, funds, accounts and/or investment vehicles managed by Cohen & Steers Capital Management, Inc. (collectively, the "Cornerstone Investor") purchased 6,000,000 units on a private placement basis, at the offering price, for gross proceeds to the REIT of US$90 million. The Cornerstone Investor has also been granted the option to acquire up to an additional 900,000 units at the offering price in the event the over-allotment option is exercised.
Net proceeds from both the offering and the Cornerstone private placement, together with an amount drawn on a revolving credit facility from an affiliate of CIBC, were used by the REIT to fund the acquisition of a portfolio of five luxury high-rise multifamily properties, consisting of 2,015 luxury suites located in the borough of Manhattan, New York, including the repayment or partial repayment of debt, the retirement of certain preferred interests and to fund transaction costs associated with the acquisition of the portfolio and closing of the offering. The net proceeds of the over-allotment option and the Cornerstone option, if exercised, will be used to fund the repayment or partial repayment of debt, capital expenditure activities, future acquisitions and general business purposes.
Further information can be found on Newswire Canada’s website.
GO Residential Real Estate Investment Trust is a newly created, internally managed, open ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. It was formed to provide investors with an opportunity to invest in luxury high-rise multifamily properties ("LHRs") located in the New York metropolitan area and other major metropolitan cities in the United States. The REIT will initially own and operate a portfolio of five LHRs consisting of 2,015 luxury suites located in the borough of Manhattan, New York.