Milestone Apartments Real Estate Investment Trust has completed its initial public offering of 20 million units at a price of CAD10.00 per unit.

The offering raised gross proceeds of CAD200m and was underwritten by a syndicate of underwriters co-led by BMO Capital Markets and CIBC. 

BMO Capital Markets was the sole bookrunner on the transaction. The units will begin trading on the Toronto Stock Exchange today under the symbol MST.UN.

The REIT has granted the underwriters an over-allotment option, exercisable at any time up to 30 days following the closing, to purchase up to an additional 3,000,000 units at a price of CAD10.00 per unit which, if exercised in full, would increase the total gross proceeds of the offering to CAD230m.

The net proceeds of the offering were used by the REIT to indirectly acquire an interest in Milestone Multifamily Investors from MileSouth Apartment Portfolio, an affiliated entity of Invesco. Milestone Multifamily Investors indirectly owns and operates a portfolio of 52 multifamily properties in the US.