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BSR Real Estate Investment Trust Announces Successful Closing of US$40.25 Million Bought Deal Equity Financing and US$15 Million Private Placement
BSR Real Estate Investment Trust Announces Successful Closing of US$40.25 Million Bought D...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBSR Real Estate Investment Trust Announces Successful Closing of US$40.25 Million Bought Deal Equity Financing and US$15 Million Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLITTLE ROCK, AR and TORONTO, Sept. 17, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n LITTLE ROCK, AR and TORONTO, Sept. 17, 2019 /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX:HOM.U and HOM.UN) announced today that it has completed its previously announced offering of trust units of the REIT (\"Units\") with a syndicate of underwriters led by BMO Capital Markets on a bought deal basis. A total of 3,797,300 Units were issued at a price of US$10.60 per Unit (the \"Offering Price\") for total gross proceeds of US$40,251,380 (the \"Public Offering\"), which includes the proceeds from the full exercise of an over-allotment option granted to the underwriters to purchase 495,300 Units.\nConcurrently with the closing of the Public Offering, the REIT has also completed its previously announced non-brokered private placement of 1,416,000 Units to Vision Capital Corporation on behalf of investment funds that it manages at the Offering Price, for gross proceeds of approximately US$15 million (the \"Private Placement\", and together with the Public Offering, the \"Financing\"). \nThe REIT intends to use the net proceeds from the Financing to fund a portion of the purchase price for the previously announced acquisitions of Cielo and Madrone, two adjacent Class A garden style apartment communities located in Austin, Texas. The balance of the purchase price was funded with cash on hand and the REIT's credit facility. The REIT may subsequently place new mortgage financing on the properties.\nThe Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the \"1933 Act\") and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit ...