- What Anthem launched an IPO to finance a Burnaby, B.C., mixed-use project
- Why The firm expects to raise $82m through the offering
- What next Construction of the project will begin upon completion of the offer
Anthem Properties Group has launched an initial public offering to finance a 66-storey mixed-use development in Burnaby, B.C.
The firm expects to raise $82m through the offering. Those funds will supplement other financial sources already secured for the project. Units in the IPO will be issued through through Anthem Citizen Real Estate Development Trust. CIBC Capital Markets will manage the IPO and act as its sole agent.
The Citizen, in the city’s Metrotown town centre, is slated to have 372 condominium units, 200 rental units, 73 affordable housing units, a 176-suite hotel and approximately 5,000 sq ft of retail space, according to a report from Canadian Mortgage Professional.
“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,” said Anthem founder and CEO Eric Carlson.
Construction of the project will begin once the offer is completed.
