BSR REIT Completes USD$55 million Equity Raise
|Areas||Corporate Finance and Securities, REITs and Income Securities|
Goodmans LLP represented BSR REIT in connection with its USD$40.25 million offering of trust units of the REIT with a syndicate of underwriters led by BMO Capital Markets on a bought deal basis (the "Public Offering"). Concurrently with the closing of the public offering, the REIT also completed a private placement for gross proceeds of USD$15 million (the "Private Placement", and together with the Public Offering, the "Financing").
BSR REIT used the net proceeds to fund a portion of the purchase of two adjacent Class A garden style apartment communities, Cielo and Madrone, located in Austin, Texas, totaling 554 apartment units. The balance of the purchase price was funded with cash on hand and the REIT's credit facility.