Anthem Citizen Real Estate Development Trust (the
“
REDT”) announced today that it has received
expressions of interest and commitments that in the aggregate are
expected to achieve the maximum offering amount of C$82 million and
has filed with the securities regulatory authorities in each of the
provinces and territories of Canada, and obtained a receipt for, a
final prospectus (the “
Prospectus”) for an initial
public offering of its trust units (the
“
Offering”).
It is expected that the Offering will close on
October 29, 2024.
The REDT is a newly created, unincorporated
investment trust and was established for the primary purpose of
indirectly owning an interest in a mixed-use, transit-oriented
development project (the “Project”) located in
Burnaby, British Columbia. The Project comprises 372 condominium
units, 200 market rental units, 73 non-market, affordable rental
units, 176 hotel suites and 4,881 square feet of retail space. The
Project is currently beneficially owned by a subsidiary of Anthem
Developments (Canada) Ltd. and its non-managing, co-investment
partner.
CIBC World Markets Inc. (the
“Agent”) is the sole agent for the Offering.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy securities of the
REDT in the United States, nor shall there be any sale of the
securities of the REDT in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities described
herein have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “1933
Act”), and may not be offered or sold within the United
States unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to exemptions from the
registration requirements of the U.S. Securities Act and applicable
state securities laws.
This Offering is only being made to the public
by prospectus. Access to the Prospectus and any amendment to the
Prospectus is provided in accordance with securities legislation
relating to procedures for providing access to a prospectus and any
amendment. The Prospectus is accessible on SEDAR+ at
www.sedarplus.com. An electronic or paper copy of the Prospectus
and any amendment to the Prospectus may be obtained, without
charge, from CIBC World Markets Inc. by telephone at 1-416-956-6378
or by email at mailbox.canadianprospectus@cibc.com, by providing
such contact with an email address or address, as applicable.
Investors should read the prospectus before making an investment
decision.
Anthem Citizen Real Estate Development
Trust
Anthem Citizen Real Estate Development Trust was
formed for the primary purpose of indirectly owning an interest in
the development of a mixed-used, transit-oriented development
project in Burnaby, British Columbia expected to develop and
operate a building containing 372 condominium units, 200 market
rental units, 73 non-market, affordable rental units, 176 hotel
suites and 4,881 square feet of retail space.
Forward-Looking Statements
This news release contains statements that
include forward-looking information within the meaning of Canadian
securities laws. These forward-looking statements reflect the
current expectations of the REDT regarding future events, including
statements concerning commitments and expressions of interest in
connection with the Offering, the use of proceeds of the Offering,
the timing of closing of the Offering, and expectations with
respect to the development of the Project. In some cases,
forward-looking statements can be identified by terms such as
“may”, “might”, “will”, “could”, “should”, “would”, “occur”,
“expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”,
“estimate”, “target”, “project”, “predict”, “forecast”,
“potential”, “continue”, “likely”, “schedule”, or the negative
thereof or other similar expressions concerning matters that are
not historical facts.
Material factors and assumptions used by
management of the REDT to develop the forward-looking information
include, but are not limited to, the REDT’s current expectations
about: real property ownership and revenues; construction and
development risk; obtaining necessary building permits for the
Project; the realization of property value appreciation and timing
thereof; the inventory of mixed-use properties; competition from
developers of mixed-use properties; the Burnaby, British Columbia
real estate market; government legal and regulatory changes;
property encumbrances relating to the Project; significant fixed
expenditures and fees in connection with the maintenance, operation
and administration of the Project; closing and other transaction
costs in connection with the acquisition and disposition of the
Project; the availability of financing and current interest rates;
revenue shortfalls; assumptions about rental growth rates, hotel
occupancy and average daily rates in the Canadian mixed-use real
estate market; demographic trends; fluctuations in interest rates;
litigation risks; the relative illiquidity of real property
investments; the Canadian economic environment; the geographic
concentration of the REDT’s business; natural disasters and severe
weather; demand levels for mixed-use properties in the metro
Vancouver area and local economic conditions; negative geopolitical
events; public health crises; the capital structure of the REDT;
distributions; capital depletion; potential conflicts of interest;
reliance on the good faith and ability of the Project’s project
manager to manage and operate the Project; reliance on property
management companies; the limited operating history of the REDT;
the limited experience of management of the REDT with respect to
managing a reporting issuer; the limited liquidity of the Class A
Units and Class F Units; and tax laws. While management of the REDT
considers these assumptions to be reasonable based on currently
available information, they may prove to be incorrect.
Although management believes the expectations
reflected in such forward-looking statements are reasonable and
represent the REDT’s internal projections, expectations and beliefs
at this time, such statements involve known and unknown risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities may not be achieved. A variety of factors, many of
which are beyond the REDT’s control, could cause actual results in
future periods to differ materially from current expectations of
estimated or anticipated events or results expressed or implied by
such forward-looking statements. Such factors include the risks
identified in the Prospectus, including under the heading “Risk
Factors” therein. Readers are cautioned against placing undue
reliance on forward-looking statements. Except as required by
applicable Canadian securities laws, the REDT undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
Additional information regarding Anthem Citizen
Real Estate Development Trust is available at
www.citizenbyanthemdevtrust.com and on www.sedarplus.com.
About Anthem Properties
Anthem is a real estate development, investment
and management company that strives, solves and evolves to create
better spaces and stronger communities, with more than 385
residential, commercial, and retail projects. Founded in 1991,
Anthem is a team of 800 people, with a diverse portfolio consisting
of 41,700 homes, 11.5 million square feet of retail, industrial and
office space and has developed more than 60 communities across
9,800 acres of land across in Alberta, British Columbia, Ontario
and California. We are Growing Places.
Contact:
Elisha McCallumVice President,
CommunicationsPhone: 604.488.3612
Mobile: 778.668.0185Email:
emccallum@anthemproperties.com