Minto Apartment REIT Announces Closing of Over-Allotment Option Bringing Total IPO Proceeds to $230 Million

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[{"type":"text","content":"\n\n\n\nMinto Apartment REIT Announces Closing of Over-Allotment Option Bringing Total IPO Proceeds to $230 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 10, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, July 10, 2018 /CNW/ - Minto Apartment Real Estate Investment Trust (the \"REIT\") (TSX: MI.UN) and Minto Properties Inc. announced today, in connection with the REIT's recently completed initial public offering (\"IPO\") of 13,794,000 trust units (\"units\") at a price of $14.50 per unit, that the over-allotment option granted to the underwriters to purchase up to 2,069,100 additional units was exercised in full, generating additional gross proceeds to the REIT of $30,001,950. The sale of the additional units today brings the REIT's aggregate gross IPO proceeds to approximately $230 million. The net proceeds from the exercise of the over-allotment option were used to reduce the retained interest held by a subsidiary of Minto Properties Inc. Further information regarding the principal unitholder of the REIT is set out in the REIT's final prospectus dated June 22, 2018.\n\n\n \n \n\n \nFollowing the closing of the overallotment option, there are 15,863,100 units issued and outstanding. In addition, there are 20,859,410 class B units of Minto Apartment Limited Partnership, a subsidiary of the REIT, issued and outstanding (the \"retained interest\"). The Class B units are economically equivalent to and exchangeable for units of the REIT on a one-for-one basis and represent an aggregate 56.8% ownership interest in the REIT (determined as if all exchangeable securities are exchanged for units of the REIT). \n\nNo securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Minto Apartment Real Estate Investment Trust in any jurisdiction.\n\nAbou...

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