Back to all Representative Matters
Oct 2, 2018
Allied Properties REIT Completes $155 Million Public Equity Offering
Allied Properties Real Estate Investment Trust (“Allied”), a leading owner, manager and developer of urban office environments operating in Canada’s major cities, recently completed a $155 million public equity offering of units.
On September 26, 2018, Allied completed an offering of 3,548,900 units (inclusive of 462,900 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $43.75 per unit for gross proceeds of $155,264,375. Allied intends to use the net proceeds of the offering to repay all amounts drawn on its operating and acquisition line of credit. These amounts were drawn in recent months to fund mortgage repayments, revenue-enhancing capital expenditures and development costs.
Aird & Berlis LLP represented Allied with a team comprised of Margaret Nelligan, Sherri Altshuler, Anne Miatello, Melanie Cole, Liam Tracey-Raymont and Amy Marcen-Gaudaur (corporate and securities), Mike Smith and Aaron Silver (real estate), and Barbara Worndl (tax).