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