CAPRE’s Commercial Real Estate Headlines for September 6, 2019

Check out the latest deals and developments in commercial real estate for September 6, 2019: True North Commercial Real Estate Investment Trust Announces $70 Million Equity Offering and Three Potential Class “A” Urban Accretive Acquisitions:  True North Commercial Real Estate Investment Trust has entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets and Raymond James Ltd. to sell, on a bought deal basis, 10,610,000 trust units of the REIT at a price of $6.60 per Unit for gross proceeds to the REIT of approximately $70 million. The Offering is being made under the REIT’s short form base shelf prospectus dated June 1, 2018. The terms of the Offering will be described in a prospectus supplement to be filed with Canadian securities regulatory authorities. Daniel Drimmer, the REIT’s President and Chief Executive Officer, will be purchasing approximately $1 million of Units as a part of the Offering. The REIT has also granted the Underwriters an option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,591,500 Units to cover over-allotments, if any. The Offering is expected to close on or about September 12, 2019. Harbor Capital Acquires Wehner Multifamily: Hidden Harbor Capital Partners has acquired Wehner Multifamily, a full-service property management company with more than 25,000 residential units under management across Texas and Oklahoma with a mission to industry leading management services for B & C…