Milestone Apartments Real Estate Investment Trust: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Milestone Apartments Real Estate Investment Trust Completes $200 Million Initial Public Offering
Milestone Apartments Real Estate Investment Trust announced that it has completed initial public offering of 20,000,000 units at a price of $10.00 per unit (all dollar amounts are in Canadian dollars, unless otherwise indicated). The offering raised gross proceeds of $200 million and was underwritten by a syndicate of underwriters co-led by BMO Capital Markets and CIBC. BMO Capital Markets was the sole book runner on the transaction. The units will begin trading on the Toronto Stock Exchange under the symbol MST.UN. The REIT has granted the underwriters an over-allotment option, exercisable at any time up to 30 days following the closing, to purchase up to an additional 3,000,000 units at a price of $10.00 per unit which, if exercised in full, would increase the total gross proceeds of the offering to $230 million. The net proceeds of the Offering were used by the REIT to indirectly acquire an interest in Milestone Multifamily Investors L.P. (the Partnership) from MileSouth Apartment Portfolio LP (MileSouth), an affiliated entity of Invesco Ltd. The REIT intends to make monthly cash distributions to unit holders. The first cash distribution, which will be for the period from the date of closing of the offering to March 31, 2013, is expected to be paid on or about April 15, 2013 to unit holders of record on March 31, 2013. The amount of the first distribution will be $0.04543 per unit. The REIT intends to make subsequent monthly distributions of $0.05417 per unit.
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