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Provider: Thomson Reuters Stock Report
Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report

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FAM Real Estate Investment Trust Announces $39 Million Class A GTA Property Acquisition And $20 Million Equity Offering

Monday, 15 Jul 2013 03:48pm EDT 

FAM Real Estate Investment Trust announced that it has entered into an agreement to acquire a 159,752 square foot Class A office complex on an 11.1 acre site in the Greater Toronto Area (GTA), municipally known as 2655 and 2695 North Sheridan Way in, Mississauga, Ontario (The Promontory). Closing of the acquisition is expected on or about August 14, 2013. In connection with the acquisition of The Promontory, the REIT announced that it has entered into an agreement to sell to a syndicate of underwriters led by TD Securities Inc., Canaccord Genuity Corp. and RBC Capital Markets, on a bought deal basis, 2.23 million trust units at a price of $9.00 per Unit for gross proceeds to the REIT of approximately $20 million. The REIT has also granted the Underwriters an over-allotment option to purchase up to an additional 334,500 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering. The proceeds from the Offering will be used to partially fund the acquisition of The Promontory and to repay amounts drawn on the REIT's revolving credit facility. The Offering is expected to close on or about August 2, 2013 and is subject to customary conditions, including regulatory approval. The Offering is not conditional upon closing of The Promontory acquisition. 

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