Boardwalk REIT has increased the size of its bought-deal offering tied to its acquisition of a Calgary apartment complex.

Calgary-based Boardwalk announced that it is now seeking to raise more than $200 million initially aiming for $150 million. has acquired a newly constructed Calgary apartment complex and is seeking to raise $150 million.

The REIT said it has entered into an agreement to issue 3,185,000 units of the trust (“Units”) from treasury at a price of $68.50 per unit to a syndicate of underwriters with TD Securities Inc. and RBC Capital Markets serving as bookrunners. If all goes according to plan, Boardwalk could raise approximately $218 million and up to $251 million altogether if an over-allotment of 477,750 units is exercised.

Boardwalk announced that it purchased the 295-unit Circle property in the Seton neighbourhood for $77.8 million. The REIT said it has approximately $69.8 million to close the transaction.