Anthem Citizen Real Estate Development Trust Raises C$82 Million Maximum Size Initial Public Offering and Acquires Interest in Citizen Project
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VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Anthem Citizen Real Estate Development Trust (the "REDT") announced today that it has raised its maximum offering size of C$82 million and completed its initial public offering (the "Offering"). Pursuant to the Offering, the REDT issued C$82,000,000 of trust units, consisting of 5,658,870 Class A Units and 2,541,130 Class F Units (collectively, the "Units") at a price of C$10.00 per Class A Unit and Class F Unit.
The REDT is a newly-created, unincorporated investment trust and was established for the primary purpose of indirectly owning an interest in a mixed-use, transit-oriented development project containing 372 condominium units, 200 market rental units, 73 non-market, affordable rental units, 176 hotel suites and 4,881 square feet of retail space located in the Metrotown neighbourhood in Burnaby, British Columbia (the "Project"). The Project is located directly across the Kingsway Boulevard from the Metropolis at Metrotown shopping centre and within close proximity to the Metrotown SkyTrain station.
Immediately following closing of the Offering, the REDT indirectly acquired an approximate 72.2% interest in the Project. The REDT is managed by Anthem Properties Group Ltd. (the "Manager"). The Manager has an indirect interest in the Project through its subsidiary, Anthem Metro King Developments GP Ltd.
The Units were offered to the public by CIBC World Markets Inc., the sole agent for the Offering.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the 1933 Act and applicable state securities laws.
Anthem Citizen Real Estate Development Trust
Anthem Citizen Real Estate Development Trust was formed for the primary ...
