Gross proceeds surpass $112 million
Nexus Real Estate Investment Trust has announced the closing of its previously announced public offering of trust units.
The offering of approximately 9.918 million units was made on a bought deal basis to a syndicate of underwriters led by BMO Capital Markets and Desjardins Capital Markets, Nexus said.
The units were issued at a value of $11.30 apiece for total gross proceeds of more than $112 million, including gross proceeds from the underwriters’ exercise in full of an over-allotment option to purchase 1.293 million units.
Read more: Nexus REIT boosts public offering of trust units
“The REIT intends to use the net proceeds from the offering to partially fund the $230.4 million acquisition of a portfolio of three distribution centres located in Saskatchewan and New Brunswick, comprising total gross leasable area of approximately 1.4 million square feet and leased to a single investment grade rated company under triple net leases with a weighted average remaining lease term of approximately 10.6 years, and for general trust purposes,” Nexus said.
Nexus offered the units in all provinces and territories of Canada, per the terms of the REIT’s prospectus supplement dated Aug. 18, filed under the REIT’s short form base shelf prospectus dated July 16.
