CAP REIT announces closing of $130 MM equity financing

Canadian Apartment Properties Real Estate Investment Trust  announced that it has closed its previously announced issue and sale of 6,327,000 units for $20.55 per unit for aggregate gross proceeds of $130,019,850. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.
 
CAPREIT intends to use the net proceeds of the offering to repay a portion of the approximately $231 million owing under its credit facilities as of June 30, 2013, after giving effect to subsequent events. Such facilities were utilized by CAPREIT to partially fund 13 acquisitions comprising CAPREIT's share of 2,523 residential suites completed since November 2012 with aggregate acquisition costs of $474 million. The remainder of the net proceeds of the offering, if any, will be used for future acquisitions, capital expenditures and for general trust purposes.
 
"The proceeds of this offering will help to once again strengthen our balance sheet, enabling us to capitalize on future investments aimed at enhancing Unitholder value," commented Thomas Schwartz, President and CEO.
 

on October 15, 2013