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

Boardwalk Closes Upsized Offering Tied to Circle Acquisition

Boardwalk REIT has closed on the upsized offering tied to its acquisition of a Calgary apartment complex.

Calgary-based Boardwalk, which focuses on rental apartments, announced that it closed on the offering at a price of $68.50 and generated about $101 million more than originally targeted. A syndicate of underwriters, bookrun by TD Securities Inc. and RBC Capital Markets, elected to exercise its over-allotment option in full.

The over-allotment resulted in a total of 3,662,750 units being issued for total gross proceeds of $250.90 million. Boardwalk initially aimed to raise $150 million before seeking to generate more capital after a strong show of investor interest.

The raise came after Boardwalk announced that it purchased the 295-unit Circle property in the Seton neighbourhood for $77.8 million and had 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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