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-True North Apartment REIT's underwriters fully use greenshoe option.

BANKING AND CREDIT NEWS-July 18, 2012--True North Apartment REIT's underwriters fully use greenshoe option(C)2012 M2 COMMUNICATIONS

18 July 2012 - The underwriters of True North Apartment Real Estate Investment Trust's (CVE:TN.UN) unit sale, which closed on 17 July, have taken full advantage of their option to upsize the offering, the Canadian REIT said on Tuesday.

Raymond James Ltd led the syndicate of underwriters.

As part of the exercise of the over-allotment option, the underwriters bought an additional 1.6m trust units at a price of CAD3.92 (USD3.87/EUR3.16) each, bringing the total number of units sold in the bought deal offering to 13.1m. Gross proceeds of the sale were CAD51.2m. The units were sold by means of a prospectus dated 11 July 2012 which was filed with the regulatory authorities.

True North Apartment REIT is expected to use the funds raised through the offering to cover the cash portion of the previously announced acquisition of a portfolio of residential properties comprising 127 buildings that contain 1,528 residential suites and are located in the borough of Saint-Laurent, Montreal, Quebec. The net proceeds from the exercise of the greenshoe option will be used for future acquisitions and general trust purposes.

True North Apartment REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.

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Publication:M2 Banking & Credit News (BCN)
Date:Jul 18, 2012
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