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BSR Real Estate Investment Trust Announces US$104.4 Million of Acquisitions and US$35 Million Bought Deal Equity Financing and US$15 Million Private Placement
BSR Real Estate Investment Trust Announces US$104.4 Million of Acquisitions and US$35 Mill...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nBSR Real Estate Investment Trust Announces US$104.4 Million of Acquisitions and US$35 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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLITTLE ROCK, AR and TORONTO, Aug. 27, 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, Aug. 27, 2019 /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX:HOM.U and HOM.UN) announced today that it has completed the purchase of two adjacent Class A garden style apartment communities, Cielo and Madrone, located in Austin, Texas, totaling 554 apartment units, for an aggregate purchase price of US$104.4 million (the \"Acquisition\"). Pro-forma the Acquisition, BSR's portfolio is comprised of 47 multifamily garden-style residential properties consisting of 10,268 apartment units.\nConcurrently with the announcement of the Acquisition, the REIT also announced that it has entered into an agreement to sell to a syndicate of underwriters led by BMO Capital Markets on a bought deal basis 3,302,000 trust units of the REIT (\"Units\") at a price of US$10.60 per Unit (\"Offering Price\") for gross proceeds to the REIT of approximately US$35 million (\"Public Offering\"). In addition, the REIT has also granted the underwriters an option (the \"Over-Allotment Option\"), exercisable at any time, in whole or in part, for a period of 30 days following the closing of the Public Offering to purchase up to an additional 495,300 Units at the Offering Price, which, if exercised in full, would increase the gross proceeds of the Public Offering to approximately US$40 million.\nConcurrently...