Minto Apartment REIT Announces $75 Million Bought Deal Public Offering of Trust Units and Provides an Update on Its Growth Initiatives

About this update from Minto Apartment Real Estate Investment Trust

[{"type":"text","content":"\n \n \n \n Minto Apartment REIT Announces $75 Million Bought Deal Public Offering of Trust Units and Provides an Update on Its Growth Initiatives\n \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 Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n OTTAWA, ON\n \n ,\n \n Oct. 20, 2021\n \n /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the \"REIT\") announces that it has entered into an agreement to issue 3,300,000 trust units of the REIT (the \"Units\") from treasury on a bought deal basis at a price of\n \n $22.85\n \n per Unit (the \"Offering Price\") to a syndicate of underwriters bookrun by TD Securities Inc. and BMO Capital Markets (the \"Underwriters\") for gross proceeds of approximately\n \n $75 million\n \n (the \"Offering\"). In addition, the REIT has granted the Underwriters an option, exercisable in whole or in part at any time up to 30 days following closing of the Offering, to purchase up to an additional 495,000 Units at the Offering Price (the \"Over-Allotment Option\") which, if exercised in full, would increase the gross proceeds of the Offering to approximately\n \n $86 million\n \n .\n \n \n The REIT intends to use the net proceeds of the Offering, including from any exercise of the Over-Allotment Option, to fund its equity requirement for the acquisition of Le Hill-Park in downtown\n \n Montreal\n \n , the previously announced convertible development loans on the Beechwood project in\n \n Ottawa, Ontario\n \n (\"Beechwood\") and Phase I of Lonsdale Square in\n \n North Vancouver, British Columbia\n \n (\"Lonsdale Square\") and to pay down a portion of the amount outstanding on its credit facility providing financial capacity for future acquisitions.\n \n \n The Units will be offered in each of the provinces and territories of\n \n Canada\n \n pursuant to a prospectus supplement to the REIT's base shelf short form prospectus dated\n \n December 8, 2020\n \n , to be filed with Canadian securities regula...

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