True North Commercial Real Estate Investment Trust Closes $30,000,000 Bought Deal Offering
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TORONTO, July 11, 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 4,800,000 trust units (“Units”) at a price of $6.25 per Unit for gross proceeds of $30 million with a syndicate of underwriters (the “Underwriters”) led by CIBC Capital Markets and Raymond James Ltd.
The REIT intends to use the net proceeds from the Offering to fund potential future acquisitions, to repay indebtedness owing under the REIT’s existing credit facilities and for 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 33 commercial properties consisting of approximately 2.2 million square feet in urban cities and select 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