CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF $125.4 MM EQUITY FINANCING

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[{"type":"text","content":"\n\n\n\n Dec. 10, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE\n SERVICES/\n\n\nTORONTO, Dec. 10 /CNW/ - Canadian Apartment Properties Real Estate\n Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has\n closed its previously announced issue and sale of 7,250,000 units for\n $17.30 per unit for aggregate gross proceeds of $125,425,000 through a\n syndicate of underwriters led by RBC Capital Markets on a bought-deal\n basis. Subscribers under this offering will be eligible to receive the\n December monthly distribution from CAPREIT, with a record date of\n December 31, 2010 and a payment date of January 17, 2011.\n\n\nCAPREIT intends to use the net proceeds of the offering to repay a\n portion of the $178.7 million owing under its acquisition and operating\n facility as of September 30, 2010. Such facility was partially utilized\n by CAPREIT to fund eight acquisitions comprising CAPREIT's share of\n 1,667 residential suites completed since January 10, 2008 with\n aggregate acquisition costs of $235.8 million.\n\n\n"We have financed all of our accretive growth and value enhancing\n capital investment programs with debt and internally generated funds\n since our last equity offering in October 2007," commented Thomas\n Schwartz, President and CEO. "With the proceeds from this offering, we\n have significantly strengthened our balance sheet and positioned\n ourselves t...

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