- BSR Real Estate Investment Trust (HOM.U) has agreed to sell 5,120,000 trust units at a price of US$19.55 per unit for gross proceeds of approximately US$100 million
- The REIT has granted the underwriters an option to purchase up to an additional 768,000 units for additional gross proceeds of up to US$115 million
- The offering is expected to close on or about April 29, 2022
- BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust
- BSR Real Estate Investment Trust (HOM.U) ended the day up 1.51 per cent, trading at C$20.15 per share
BSR Real Estate Investment Trust (HOM.U) has agreed to sell 5,120,000 trust units for gross proceeds of approximately US$100 million.
Trust units are priced at US$19.55.
The offering is being led by BMO Capital Markets, RBC Capital Markets and CIBC Capital Markets on behalf of a syndicate of underwriters.
The REIT has granted the underwriters an option to purchase up to an additional 768,000 units for additional gross proceeds of up to US$115 million.
BSR intends to use the net proceeds to repay outstanding indebtedness, fund future acquisitions and for general trust purposes.
Daniel Oberste, BSR’s President and Chief Executive Officer remarked,
“In 2021, we continued to demonstrate our ability to execute BSR’s strategic objectives by weighting our portfolio towards higher growth markets, which contributed to a 61 per cent year-over-year increase in our Net Asset Value per unit by December 31, 2021. We continue to see the positive momentum in multi-residential fundamentals across our target markets and believe the runway for our strategy remains robust. The equity offering fortifies our balance sheet and positions the REIT to continue to take advantage of these positive dynamics and execute on our growth plan.”
The offering is subject to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.
The offering is expected to close on or about April 29, 2022.
BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary and secondary markets in the Sunbelt region of the United States.
BSR Real Estate Investment Trust (HOM.U) ended the day up 1.51 per cent, trading at C$20.15 per share.