CAPREIT Announces Increase to Previously Announced Bought Deal Equity Offering to $425 Million

About this update from Canadian Apartment Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nCAPREIT Announces Increase to Previously Announced Bought Deal Equity Offering to $425 Million\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:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 19, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, Nov. 19, 2019 /CNW/ - (TSX:CAR.UN) – Canadian Apartment Properties Real Estate Investment Trust (\"CAPREIT\" or the \"REIT\") announced today that due to strong demand, the size of the previously announced equity offering in connection with which it entered into an agreement to sell to a syndicate of underwriters led by RBC Capital Markets has increased, on a bought deal basis, to 7,930,000 units at a price of $53.60 per unit for gross proceeds of approximately $425 million (the \"Offering\").  CAPREIT has granted the underwriters an over-allotment option (the \"Over-Allotment Option\"), exercisable in whole or in part up to 30 days after closing of the Offering, to purchase up to an additional 1,189,500 units to cover over-allotments, if any.  If the Over-Allotment is exercised in full, the gross proceeds would increase to approximately $489 million.\nCAPREIT will, within the next few days, file with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada, a preliminary short form prospectus relating to the issuance of the units. Closing of the Offering is expected to occur on or about December 6, 2019.\nCAPREIT intends to use the net proceeds of the Offering:  \ni.\nto finance the REIT's acquisition of approximately $194 million of unencumbered multi-residential properties;\nii.\nto repay approximately $127 million of the REIT's acquisition and operating facility, which was used to fund $88 million of recentl...

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