True North Commercial Real Estate Investment Trust Completes Previously Announced Offering of Trust Units With Full Exercise of Over-Allotment Option
/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, October 20, 2017 – True North Commercial Real Estate Investment Trust (the “REIT”) (TSX: TNT.UN) is pleased to announce it has closed its previously announced bought deal offering (the “Offering”) of trust units (“Units”) with a syndicate of underwriters (the “Underwriters”) led by CIBC Capital Markets and Raymond James Ltd. An aggregate of 6,411,250 Units were issued by the REIT at a price of $6.28 per Unit, including 836,250 Units issued on the full exercise of the Underwriters’ over-allotment option, for aggregate gross proceeds of approximately $40.26 million.
The REIT intends to use the net proceeds from the Offering to partially fund the acquisitions announced on October 11, 2017, as well as for future acquisitions and general trust purposes.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 34 commercial properties consisting of approximately 2.2 million square feet in urban cities and secondary markets across Canada focusing on long term leases with government and credit-rated tenants.
The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist. Additional information concerning the REIT is available at www.sedar.com or the REIT’s website at www.truenorthreit.com.
For further information:
Daniel Drimmer President and Chief Executive Officer (416) 234-8444
Tracy Sherren Chief Financial Officer (416) 234-8444