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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Milestone Apartments REIT Completes $115 Million Bought Deal Equity Offering

2014

Areas Corporate Finance and Securities, REITs and Income Securities, Tax

Summary

Goodmans represented Milestone Apartments REIT (TSX: MST.UN) (the REIT) in connection with the completion of a public offering of trust units of the REIT with a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc., and including RBC Dominion Securities Inc., National Bank Financial Inc., Scotiabank, TD Securities Inc., GMP Securities L.P., Dundee Securities Ltd., Laurentian Bank Securities Inc. and Raymond James Ltd., on a bought deal basis. A total of 10,005,000 units, including units issued pursuant to the exercise in full of the over-allotment option granted to the underwriters by the REIT, were issued at a price of $11.50 per unit for total gross proceeds of $115,057,500.

The REIT used approximately $60 million of the proceeds from the offering to fund the equity portions of the respective purchase prices for the acquisitions of The Village at Legacy Ridge, a multifamily apartment community in Denver, Colorado, and Villas at Shadow Creek, a multifamily apartment community in Houston, Texas. The remaining proceeds were used to redeem class B limited partnership unrits of Milestone Multifamily Investors LP held by MileSouth Apartment Portfolio LP, an affiliated entity of Invesco Ltd. (MileSouth). The units were offered in Canada pursuant to the REIT's base shelf prospectus dated August 27, 2014.