Toronto-based real estate investment trust company Allied Properties has completed its previously announced public equity offering of 5 million units at a price of $46.30 per unit.
The net gross proceeds from the offering were $230 million.
The units were underwritten by a syndicate of underwriters led by Scotiabank, RBC Capital Markets and Goldman Sachs Canada Inc.
With the money raised, Allied will repay amounts drawn on its unsecured line of credit and will fund its ongoing urban development activity.