pcNewsWire – Pure Multi-Family REIT LP (TSX-V: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) has entered into an agreement with a syndicate of underwriters co-led by CIBC Capital Markets, Scotiabank and Canaccord Genuity Corp. for a bought deal of 8,940,000 Class A units at $8.95 per unit for gross proceeds of $80,013,000 (US $60,368,945)
Pure Multi-Family intends to use the net proceeds to fund future acquisitions of high-quality, strategically located and well-maintained Class A apartment properties in major US Sunbelt markets that exhibit strong population and economic growth trends, and for working capital and general partnership purposes.
Pure Multi-Family REIT LP Announces Cdn $80 Million (US$60 Million) Equity Offering
NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRE SERVICES
Vancouver, BC – June 22, 2017: Pure Multi-Family REIT LP (“Pure Multi-Family”) (TSX VENTURE:RUF.U)(TSX VENTURE:RUF.UN)(TSX VENTURE:RUF.DB.U)(OTCQX:PMULF) announced today that it has entered into an agreement with a syndicate of underwriters co-led by CIBC Capital Markets, Scotiabank and Canaccord Genuity Corp. (collectively, the “Underwriters”), with CIBC Capital Markets and Scotiabank acting as bookrunners, to sell on a bought deal basis, 8,940,000 Class A units (“Units” or “Class A Units”) of Pure Multi-Family at a price of Cdn$8.95 per Unit (approximately US$6.75 per Unit), for gross proceeds to Pure Multi-Family of Cdn$80,013,000 (US$60,368,945) (the “Financing”).
Pure Multi-Family has also granted the Underwriters an over-allotment option to purchase up to an additional 1,341,000 Units, representing 15% of the size of the Financing, on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Financing. The Financing is expected to close on or about June 30, 2017 and is subject to regulatory approval.
Pure Multi-Family intends to use the net proceeds from the Financing to fund future acquisitions of high-quality, strategically located and well-maintained Class A apartment properties in major US Sunbelt markets that exhibit strong population and economic growth trends, and for working capital and general partnership purposes.
The Financing is being made pursuant to Pure Multi-Family’s base shelf prospectus dated February 21, 2017. The terms of the Financing will be described in a prospectus supplement to be filed with Canadian securities regulators.
Stephen Evans, CEO, said “We are excited by the robust pipeline of high quality acquisition opportunities available in our target markets. Apartment fundamentals in US Sunbelt markets remain strong, and we look forward to adding some great assets to our portfolio that we believe will deliver above-average growth over the coming years.”
This news release shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units have not been, nor will they be, registered under the United States Securities Act of 1933 (the “1933 Act”), as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Units in the United States or to, or for the account or benefit of, U.S. persons.
Consistent with Pure Multi-Family’s past practices and in the normal course, Pure Multi-Family engages in ongoing discussions with respect to possible acquisitions. There can be no assurance that any of these discussions will lead to a conditional purchase agreement or will be completed. Pure Multi-Family continues to actively pursue acquisition and investment opportunities.
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi is available at www.puremultifamily.com or www.sedar.com.
For more information, please contact:
Director of Investor Relations
Pure Multi-Family REIT LP
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959