Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Cross Border News  + Ontario  + Healthcare  |

Flagship Closes on $60M Equity Offering

Flagship Communities REIT has closed on a US$60-million public offering to help complete the acquisition of manufactured housing assets in the U.S.

Toronto-based Flagship announced that it sold 3.91 million trust units on a bought-deal basis at a price of US$15.35 per unit.

A syndicate of underwriters led by BMO Capital Markets and Cannacord Genuity Gro

Flagship has also granted the underwriters an over-allotment to purchase up to an additional 586,000 units during a 30-day window.

The REIT plans to use the proceeds to fund a portion of its US$93 million acquisition of seven manufactured housing communities comprising 1,253 lots in Tennessee and West Virginia.

Flagship currently owns operates manufactured housing communities in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois.

Photo: Flagship Communities REIT


Inside The Story

FlagshipBMO Capital Markets

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.

  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
New call-to-action
New call-to-action