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True North Commercial Real Estate Investment Trust Completes Previously Announced $57,500,000 Offering of Trust Units With Full Exercise of Over-Allotment Option
True North Commercial Real Estate Investment Trust Completes Previously Announced $57,500,...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Completes Previously Announced $57,500,000 Offering of Trust Units With Full Exercise of Over-Allotment Option\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 20, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, July 20, 2018 /CNW/ - 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 9,012,550 Units were issued by the REIT at a price of $6.38 per Unit, including 1,175,550 Units issued on the full exercise of the Underwriters' over-allotment option, for aggregate gross proceeds of approximately $57.50 million. Certain trustees and officers of the REIT purchased an aggregate of 187,700 Units pursuant to the Offering. \n\nThe REIT intends to deploy the majority of the net proceeds from the Offering to fund the cash portion of the potential acquisition of seven high-quality office properties (the \"Potential Acquisition Properties\") located in strategic urban markets across Canada featuring strong tenant profiles. The Potential Acquisition Properties are comprised of 486,000 leaseable square feet with a combined occupancy of 100%, a weighted average remaining lease term of 8.3 years, 70% of revenue generated from government and credit rated tenants and an implied combined capitalization rate of 6.7%. Until deployed for these purposes, the REIT intends to repay existing outstanding indebtedness on its credit facility. The Offering was not conditional on the closing of any of the Potential Acquisition Properties. Certain of the net proceeds will be used to fund other potential future acquisitions.\n\nAbout the REIT\n\nThe REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario....