Back to all Representative Matters
Mar 11, 2019
Allied Properties REIT Completes $230 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 $230 million public equity offering of units.
On March 7, 2019, Allied completed an offering of 4,968,000 units (inclusive of 648,000 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $46.30 per unit for gross proceeds of $230,018,400. Allied intends to use the net proceeds of the offering to repay all amounts drawn on its unsecured line of credit and to fund its ongoing urban development activity, effectively funding two-thirds of its 2019 urban development program with equity.
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 Neill Kalvin (real estate) and Barbara Worndl (tax).