/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
LITTLE ROCK, Ark. and
TORONTO, Feb. 9, 2021 /CNW/ - BSR Real Estate
Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN)
announced today that it has completed its previously announced
public offering (the "Public Offering") of trust units of the REIT
("Units") to a syndicate of underwriters led by BMO Capital
Markets, CIBC Capital Markets, and RBC Capital Markets (the
"Underwriters") on a bought deal basis. A total of 6,302,000 Units
were issued at a price of US$10.95
per Unit for total gross proceeds to the REIT of US$69,006,900, which includes the gross proceeds
from the full exercise of the over-allotment option granted to the
Underwriters to purchase an additional 822,000 Units.
BSR intends to use the net proceeds from the Public Offering to
repay a portion of amounts outstanding on its credit facility, to
fund future acquisitions and for general trust purposes. With
today's closing of the Public Offering, BSR expects to have access
to approximately US$155 million of
available liquidity through unrestricted cash and borrowing
capacity available under its credit facility.
The Units were offered in each of the provinces and territories
of Canada pursuant to the REIT's
base shelf prospectus dated November 8,
2019. The terms of the Public Offering are described in a
prospectus supplement dated February 4,
2021 filed with Canadian securities regulators. A copy of
the prospectus supplement is available under the REIT's profile on
the SEDAR website at www.sedar.com.
The Units have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, (the "1933 Act")
and may not be offered, sold or delivered, directly or indirectly,
in the United States, or to, or
for the account or benefit of, "U.S. persons" (as defined in
Regulation S under the 1933 Act), except pursuant to an exemption
from the registration requirements of the 1933 Act. This press
release does not constitute an offer to sell or a solicitation of
an offer to buy any Units in the United
States or to, or for the account or benefit of, U.S.
persons.
ABOUT BSR REAL ESTATE INVESTMENT TRUST
BSR Real Estate Investment Trust is an internally managed,
unincorporated, open-ended real estate investment trust established
pursuant to a declaration of trust under the laws of the Province
of Ontario. The REIT owns a
portfolio of multifamily garden-style residential properties
located in attractive primary and secondary markets in the Sunbelt
region of the United States.
Additional information about the REIT is available at
www.bsrreit.com or www.sedar.com.
Forward-Looking Information
This news release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the REIT's current expectations regarding future events, including
statements about the Public Offering, the anticipated use of
proceeds thereof, available liquidity and acquisition capacity. In
some cases forward-looking information can be identified by such
terms as "will", "would" and "expected". Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the
REIT's control that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward-looking information. The REIT's estimates, beliefs and
assumptions, which may prove to be incorrect, include those
relating to the REIT's ability to finance and complete future
acquisitions, and that COVID-19 will not have a material impact on
the REIT's operations, business and financial results. The risks
and uncertainties that may impact such forward-looking information
include, but are not limited to, the impact of COVID-19 on the
REIT's operations, business and financial results and the factors
discussed under "Risks and Uncertainties" in the REIT's
Management's Discussion and Analysis for the three and nine months
ended September 30, 2020 and under
"Risk Factors" in the REIT's annual information form dated
March 10, 2020, both of which are
available on SEDAR (www.sedar.com). The REIT does not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law. This forward-looking
information speaks only as of the date of this news
release.
SOURCE BSR Real Estate Investment Trust