Boardwalk Real Estate Investment Trust (TSX:BEI.UN) entered the conditional purchase agreement to acquire The Circle in Calgary, Alberta for CAD 77.8 million in May 2022. The transaction is being acquired free and clear of any debt and is expected to be funded via net proceeds from the Offering. The acquisition is expected to close by February 2024.

Boardwalk Real Estate Investment Trust also announce that it has entered into an agreement to issue 2,190,000 units of the Trust from treasury on a bought deal basis at a price of CAD 68.50 per Unit to a syndicate of underwriters bookrun by TD Securities Inc. and RBC Capital Markets for total gross proceeds of approximately CAD 150 million. Boardwalk intends to use the net proceeds of the Offering, including over-allotment proceeds, if any, to finance the purchase price for The Circle, repay its portion of a floating rate construction facility on the 45 Railroad community in Brampton, Ontario and to fund future acquisition and development opportunities in its existing pipeline.