/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, March 15, 2018 /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 4,910,500 units for $35.15 per unit for aggregate gross proceeds of
$172,604,075, which includes the
exercise in full of the over-allotment option. 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 $450 million drawn as of December 31, 2017 on CAPREIT's acquisition and
operating facility in the amount of approximately $165 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. As at
December 31, 2017, CAPREIT had owning
interests in 50,624 residential units, comprised of 44,168
residential suites and 31 manufactured home communities ("MHC")
comprising 6,456 land lease sites. 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 (CAP REIT)