/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Jan. 4, 2019 /CNW/ - (TSX:CAR.UN) – Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has closed its previously announced issue and sale of 5,500,000 units for $45.50 per unit for aggregate gross proceeds of $250,250,000. 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:
- first to partially repay the approximately $570 million drawn as of December 21, 2018 on CAPREIT's acquisition and operating facility in the amount of approximately $239 million, which was utilized by CAPREIT to, among other uses, partially fund previous acquisitions; and
- the remainder, if any, for future acquisitions, capital expenditures and for general trust purposes.
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities primarily located in and near major urban centres across Canada and The Netherlands. As at December 21, 2018, CAPREIT had owning interests in 51,526 residential units, comprised of 44,934 residential suites and 32 manufactured home communities ("MHC") comprising 6,592 land lease sites. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per unit by 86%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com or www.capreit.net and our public disclosure which can be found under our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
SOURCE Canadian Apartment Properties Real Estate Investment Trust (CAPREIT)
For further information: Mr. Michael Stein, Chairman, (416) 861-5788 or Mr. Mark Kenney, President & Chief Operating Officer, (416) 861-2468 or Mr. Scott Cryer, Chief Financial Officer, (416) 861-5771