Canadian Apartment Properties Real Estate Investment Trust Announces Closing of $489 Million Equity Financing

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[{"type":"text","content":"\n\n\n\nCanadian Apartment Properties Real Estate Investment Trust Announces Closing of $489 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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; 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\nTORONTO, Dec. 6, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, Dec. 6, 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 9,119,500 units for $53.60 per unit for aggregate gross proceeds of $488,805,200 (the \"Offering\"), 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. The Offering represents the largest bought-deal equity offering by a real estate investment trust in Canadian history.  \nCAPREIT intends to use the net proceeds of the Offering: \ni.\nto finance the REIT's acquisition of approximately $161 million of unencumbered multi-residential properties (the \"Pending Acquisitions\");\nii.\nto partially repay its acquisition and operating facility in the amount of approximately $168 million, which was utilized by CAPREIT to fund $129 million of recently closed unencumbered acquisitions and acquire $39 million of Irish Residential REIT shares;\niii.\nto further repay its acquisition and operating facility in the amount of approximately $72 million;\niv.\nto finance the $6 million acquisition of the freehold interest of 86 units in a property in Toronto, Ontario that is currently leased by CAPREIT (the \"Pending Lease Buyout\"); and\nv.\nthe re...

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