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Flagship Communities REIT
US$46.5m

Canaccord Genuity Acts as Co-Lead Underwriter to Flagship Communities REIT on its US$46.5 Million Bought Deal Financing

Canaccord Genuity is pleased to announce that on November 18, 2021, it completed a bought deal financing of Trust Units, raising a total of approximately US$46.5 million (inclusive of the exercise of the over-allotment option) for Flagship Communities REIT (“Flagship” or the “REIT”). The REIT will use the net proceeds from the offering to partially fund the acquisition of three high-quality manufactured housing communities (“MHCs”) comprising 957 lots for an aggregate purchase price of approximately US$56.8 million.

The acquisitions significantly enhance Flagship’s scale, with the REIT’s pro forma portfolio aggregating 63 MHCs comprising 11,328 lots, representing an approximate 37% increase in the number of lots since the REIT’s IPO.

Flagship Communities Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate a portfolio of income-producing manufactured housing communities located in Kentucky, Indiana, Ohio, Tennessee, Illinois, Arkansas, and Missouri; including a fleet of manufactured homes for lease to residents of such housing communities.

The Canaccord Genuity team included Dan Sheremeto, Kevin Romano, Balraj Parhar and Matthias Eyford from Investment Banking, with strong support from Ron Sedran, Mike Sardo, and Trina Wang from Equity Capital Markets, and the broad Canadian Institutional Equity Sales team, with special mention to Matt Doelman and Paul Gill.

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