Canadian Apartment Properties Real Estate Investment Trust Announces Closing of $345 Million Equity Financing

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[{"type":"text","content":"\n\n\n\nCanadian Apartment Properties Real Estate Investment Trust Announces Closing of $345 Million Equity Financing\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\nTORONTO, April 23, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES./\n TORONTO, April 23, 2019 /CNW/ - (TSX:CAR.UN) – Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) (\"CAPREIT\" or the \"REIT\") announced today that it has closed its previously announced issue and sale of 7,043,750 units for $49.00 per unit for aggregate gross proceeds of $345,143,750, which includes the exercise in full of the over-allotment option. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.\nCAPREIT intends to use the net proceeds of the Offering: \nto finance the REIT's approximately $116 million equity requirement as part of a $182 million portfolio acquisition of 23 Manufactured Housing Communities totaling 3,469 sites across Canada;to fund the REIT's $46 million equity requirement for approximately $86 million of additional Canadian acquisitions of newly constructed apartment properties (that are in the advanced stages of due diligence for certain of these acquisitions). These acquisitions are expected to close at various points in the remainder of the second quarter of 2019;to partially repay the outstanding balance on the REIT's acquisition and operating facility in the amount of approximately $168 million. The REIT's acquisition and operating facility was recently drawn to, among other uses, fund the REIT's approximately $69 million acquisition of Willoughby Walk that closed on April 15, 2019, fund the REIT's approximately $66 million acquisition of an unencumbered 1,104 site MHC portfolio that closed on March 14, 2019 and to partially fund the approximately €98 million acquisition of 511 residential suites in the Netherlands that closed on February 26, 2019; andthe remainder, if any, for future acquisitions, capital expenditures a...

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