Business
True North Commercial Real Estate Investment Trust Completes Previously Announced Offering of Trust Units With Full Exercise of Over-Allotment Option
True North Commercial Real Estate Investment Trust Completes Previously Announced Offering...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Completes Previously Announced 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 1, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, March 1, 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 6,325,000 Units were issued by the REIT at a price of $6.37 per Unit, including 825,000 Units issued on the full exercise of the Underwriters' over-allotment option, for aggregate gross proceeds of approximately $40.30 million. \n\nThe REIT intends to use the net proceeds from the Offering to fund potential future acquisitions, to repay indebtedness owing under certain of the REIT's existing credit facilities and for general trust purposes.\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. The REIT currently owns and operates a portfolio of 40 commercial properties consisting of approximately 3.05 million square feet in urban and strategic secondary markets across Canada focusing on long term leases with government and credit-rated tenants.\n\nThe 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.\n\nForward-looking Statements\n\nCertain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial performa...