A growing number of property companies are tapping Canadian equity markets, and Ottawa-based Minto Apartment Real Estate Investment Trust is the latest to do so with its raising of $200 million in its initial public offering, according to sources familiar with the matter.
This is amid the steady increase in the popularity of Canada’s rental market, which coincided with a noticeable cooldown in home sales this year.
The sources, who wished to remain unidentified, said that Minto priced its shares at $14.50 each. This was the highest value of its marketed range ($12.50 to $14.50 range).
According to a regulatory filing, Toronto-Dominion Bank and Bank of Montreal led Minto’s share sale. The REIT is expected to trade on the Toronto Stock Exchange under the symbol MLUN.
Bloomberg data showed that over $1 billion has already been raised in Canada’s equity markets year-to-date as of June 20. This was only slightly lower than the $1.2 billion raised during the same time frame last year.
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