/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES/
OTTAWA, ON, Oct 29, 2021 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the "REIT") today announced the closing of the sale of 3,795,000 trust units of the REIT ("Units") from treasury at a price of $22.85 per Unit (the "Offering Price") to a syndicate of underwriters bookrun by TD Securities Inc. and BMO Capital Markets (the "Underwriters") for gross proceeds of approximately $87 million (the "Offering"). The Offering included 495,000 Units sold pursuant to the full exercise of an over-allotment option granted to the Underwriters.
The REIT intends to use the net proceeds of the Offering to fund its equity requirement for the acquisition of Le Hill-Park in downtown Montreal (the "Acquisition"), the previously announced convertible development loans on the Beechwood project in Ottawa, Ontario ("Beechwood") and Phase I of Lonsdale Square in North Vancouver, British Columbia ("Lonsdale Square") and to pay down a portion of the amount outstanding on its credit facility providing financial capacity for future acquisitions.
The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933 Act") 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.