Plazacorp Willowgrove Residential Real Estate Development Trust (REDT) has completed a $75-million IPO and acquired a majority stake in a major Greater Toronto Area residential development project.

The REDT, a subsidiary of Toronto-based Plazacorp Investments, announced the IPO completion and related acquisition in a news release.

The $75-million capital raise marked the maximum IPO size. The REDT issued trust units, sold by its subsidiary, Plazacorp Willowgrove Residential REDT Holding LP, in a secondary offering. The offering included approximately 4.6 million class A Units and about 2.9 million class F Units, both priced at $10 per unit.

The REDT was established to indirectly hold a majority equity interest in the large-scale residential development project. The project spans 213 acres in Markham, Ont., and Stouffville, Ont. Plans call for the delivery of 676 residences, including 467 townhomes and 209 single-detached homes, along with 297 serviced lots.

Ahead of the IPO’s closure, the REDT acquired approximately 67.7% of the project through its subsidiary, the Holding LP. The trust is managed by Plazacorp Willowgrove REDT Management Inc., a wholly owned subsidiary of Plazacorp.

The REDT units were offered to the public exclusively through Toronto-based CIBC World Markets, which acted as the sole agent for the offering.