Vancouver (pcJ News Briefs) – Pure Multi-Family REIT LP (TSX-V: RUF.U, RUF.UN; OTCQX: PMULF) has entered into an agreement with a syndicate of underwriters co-led by CIBC Capital Markets, Scotiabank and Canaccord Genuity Corp., with CIBC Capital Markets and Scotiabank acting as bookrunners, for a bought deal of 7,870,000 Class A units at CDN $8.90 per unit for gross proceeds of CDN $70,043,000.
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.
“The US Sunbelt continues to benefit from strong demographic and economic trends that we believe will result in above-average growth over the coming years. We continue to focus our efforts on building a high-quality US multi-family apartment portfolio that offers a combination of high quality property amenities as well as proximity to employers, local entertainment and outdoor recreation. Our portfolio’s average year of construction remains at 2006, or roughly 11 years old. We believe our focus on owning newer Class A properties will prove to be less capital-intensive than owning older apartment properties, and will provide opportunities to improve our occupancy levels and rental rates over time,” said Stephen Evans, CEO.
Pure Multi-Family offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
photo credit: Pure Multi-Family