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Alberta & Prairies  + Canada  + Ontario  + Apartments  | 
A downtown Calgary apartment building has sold for $83.4 million.

Boardwalk Boosts Offering After Circle Acquisition

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.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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  • ◦Sale/Acquisition
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  • ◦Financing
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