/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.
ABOUT CAPREIT
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)