VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) — Anthem Properties Group has launched an initial public offering on its 66 storey, mixed-use development, Citizen, located in the heart of Metrotown in Burnaby, British Columbia, with the goal of increasing housing availability in a critically constrained market. Units in this IPO will be issued through the newly created Anthem Citizen Real Estate Development Trust.
CIBC Capital Markets will act as sole agent for the IPO and has successfully completed real estate development IPOs for US assets. Anthem anticipates raising up to $82M CDN which will be added to other funding sources already secured on the project. The partnership model on Citizen is not new to Anthem, who has financial partnerships on many of its projects.
“Policy changes, increased costs, shifting market cycles and more create an ongoing challenge for developers hunting for capital which requires innovative and creative thinking to get projects off the ground,” said Anthem Core-Founder & CEO, Eric Carlson. “Doing things differently is at the core of what we do at Anthem, and this IPO is a great way to continue to push the boundaries of what is possible and take a new approach to making housing happen.”
With a mix of market, rental and affordable homes, anchored by a hotel and supported by retail space, Citizen is anticipated to be a premier destination in Metrotown, Burnaby. Anthem has a productive and positive working relationship with the City of Burnaby, who is eager to create great spaces that encourage residents and businesses to choose their city to call home. The project has rezoning approvals and entitlements complete, with construction expected to begin at the close of this offering.
Details on the IPO including the prospectus and investor presentation can be found at www.citizenbyanthemdevtrust.com
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.
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, 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 McCallum
Vice President, Communications
Phone: 604.488.3612 Mobile: 778.668.0185
Email: [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4159460b-cefc-4564-9407-2e54268141a2