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HALIFAX, Nov. 14, 2019 /CNW/ – Killam Apartment REIT (TSX: KMP.UN) (“Killam”) is pleased to announce that it has closed the sale of an additional 700,000 trust units (“Units”) of Killam to the public at a price of $19.90 per unit for gross proceeds of $13,930,000, pursuant to the over-allotment option exercised by the underwriters in connection with its public offering of trust units which closed on November 4, 2019 (the “Over-Allotment Option”). The exercise of the Over-Allotment Option brings the total number of units sold by Killam in this public offering to 5,750,000 and brings the total gross proceeds of the public offering to $114,425,000.
The syndicate of underwriters for the offering of units was led by RBC Capital Markets, and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., National Bank Financial Inc., Raymond James Ltd., BFIN Securities LP, Echelon Wealth Partners Inc., Industrial Alliance Securities Inc. and Laurentian Bank Securities Inc.
Killam intends to use the net proceeds from the Over-Allotment Option to fund future acquisitions and developments and for general trust purposes.
The Units have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and state securities laws. Accordingly, the Units may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act.
About Killam Apartment REIT
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada’s largest residential landlords, owning, operating, managing and developing a $3.1 billion portfolio of apartments and manufactured home communities. Killam’s strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.
Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this report may constitute forward-looking statements relating to the anticipated use of the net proceeds of the Offering. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Killam to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For more exhaustive information on these risks and uncertainties, you should refer to Killam’s most recently filed annual information form which is available at www.sedar.com. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. Other than as required by law, Killam does not undertake to update any of such forward-looking statements.
SOURCE Killam Apartment Real Estate Investment Trust
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