Anthem launches IPO for Burnaby tower project
Anthem anticipates raising up to $82 million which will be added to other funding sources.
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, B.C.
Units in the 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 $82 million which will be added to other funding sources already secured on the project. Officials stated that 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.”
The project includes mix of market, rental and affordable homes, anchored by a hotel and supported by retail space. The project has rezoning approvals and entitlements complete, with construction expected to begin at the close of the offering.
