Centurion Apartment REIT Announces Pending Completion of $50 Million Offering
Centurion Apartment REIT is pleased to announce the pending completion of its March 31, 2011 $50 million offering of REIT Units. Upon the earlier of the full subscription of the offering and no later than 31 March 2012, the offering will be complete and the REIT will be closed to new investment in REIT Units until the publication of a new offering memorandum. The REIT is making this announcement to notify interested parties that it is likely that the offering will be fully subscribed prior to the end of 31 March 2012 and that over subscriptions will not be accepted. The REIT has not determined the timing of the release of a new offering memorandum and the decision at that time will largely be based on the availability of appropriate opportunities and the deployment by the REIT of existing available capital. While the REIT has been able to find acquisitions and make deployments, it is the opinion of the Centurion Apartment REIT Management Inc, the asset managers of the REIT, that in order to avoid further dilution, a temporary pause in the acceptance of new equity capital is warranted at this time and is in the best interest of existing Unitholders. The REIT will announce when a new offering memorandum will be made available, and this offering memorandum will be made available prior to the opening of the REIT to new equity subscriptions.
In order to fairly apportion remaining capacity on the current offering prior to its expiry on March 31, 2012 the REIT will allocate subscriptions on the following basis and in the following priority:
1st to in-process subscriptions already received by the REIT
2nd to confirmed/committed orders from dealers and portfolio managers.
3rd on a first come, first served basis.
The (distribution reinvestment plan) "DRIP" program, which provides Unitholders the option of investing their distributions in new units at a 2.0% discount from the market price will remain unchanged.