Morguard North American Residential REIT Announces Completion of its Previously Announced Public Offering of $103 Million of Trust Units

About this update from Morguard North American Residential Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nMorguard North American Residential REIT Announces Completion of its Previously Announced Public Offering of $103 Million of Trust Units\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\nMISSISSAUGA, ON, Aug. 28, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\nTSX SYMBOL: MRG.UN\n MISSISSAUGA, ON, Aug. 28, 2019 /CNW/ - Morguard North American Residential Real Estate Investment Trust (the \"REIT\") (TSX: MRG.UN) announced today that it has completed its previously announced public offering with a syndicate of underwriters (the \"Underwriters\"), co-led by RBC Capital Markets and TD Securities, on a bought deal basis, of 5,226,200 trust units (the \"Units\") at a price of $19.75 per Unit representing gross proceeds of $103,217,450 (the \"Offering\"). The Offering included 150,000 Units issued pursuant to the partial exercise of the over-allotment option granted to the Underwriters. \nAs part of the transaction, Morguard Corporation purchased $25,062,750 of the Units being offered, being 1,269,000 Units, at the offering price. Morguard Corporation currently holds, indirectly, an approximate 44.8% effective interest in the REIT through ownership of Units and Class B LP Units.\nThe net proceeds from the Offering will be used to fund future acquisitions, for the repayment of debt and for general business purposes.\nCopies of the REIT's short form prospectus are available on SEDAR at www.sedar.com.\nThe Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, \"U.S. persons\" (as defined in Regulation S under the United States Securities Act of 1933, as amended). This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. Persons.\nAbout Morguard North American Residential REIT\nThe ...

More updates from Morguard North American Residential Real Estate Investment Trust