VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Anthem Properties Group has launched an initial public offering on its 66 storey, mixed-use development, Citizen, located in the heart of Metrotown in Burnaby, British Columbia, with the goal of increasing housing availability in a critically constrained market. Units in this IPO will be issued through the newly created Anthem Citizen Real Estate Development Trust.
CIBC Capital Markets will act as sole agent for the IPO and has successfully completed real estate development IPOs for US assets. Anthem anticipates raising up to $82M CDN which will be added to other funding sources already secured on the project. The partnership model on Citizen is not new to Anthem, who has financial partnerships on many of its projects.
"Policy changes, increased costs, shifting market cycles and more create an ongoing challenge for developers hunting for capital which requires innovative and creative thinking to get projects off the ground," said Anthem Core-Founder & ...
