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True North Commercial Real Estate Investment Trust Completes Previously Announced $80.5 Million Equity Offering With Full Exercise of Over-Allotment Option
True North Commercial Real Estate Investment Trust Completes Previously Announced $80.5 Mi...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Completes Previously Announced $80.5 Million Equity Offering 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 18, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n TORONTO, Nov. 18, 2019 /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 11,638,000 Units were issued by the REIT at a price of $6.92 per Unit, including 1,518,000 Units issued on the full exercise of the Underwriters' over-allotment option, for gross proceeds of approximately $80.5 million. Pursuant to the Offering, certain trustees and officers of the REIT purchased 543,426 Units, including the purchase of 505,780 Units by an entity controlled by Daniel Drimmer, the REIT's President, Chief Executive Officer and Chairman of the Board of Trustees of the REIT.\nThe REIT intends to deploy the net proceeds from the Offering to fund the potential acquisition of two high-quality Class \"A\" office properties located in the Greater Toronto Area, Ontario (the \"Potential Acquisition Properties\") from two arm's length vendors. The Potential Acquisition Properties are expected to be accretive to the REIT's funds from operations (\"FFO\") and adjusted funds from operations (\"AFFO\") per Unit. The Offering was not conditional on the closing of either of the Potential Acquisition Properties, and in the event either acquisition does not close, the REIT intends to use the unutilized net proceeds of the Offering to fund potential future acquisitions and for general trust purposes.\nAbout the REIT\nThe REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operat...