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Partners Real Estate Investment Trust Closes Public Offering

Thursday, 10 Jan 2013 08:38am EST 

Partners Real Estate Investment Trust announced that it has closed previously announced offering (the Offering) of 3,363,750 units (including 438,750 units issued pursuant to the exercise of the over-allotment option in full) of the REIT at a price of $7.70 per Unit representing gross proceeds of approximately $25.9 million, on a bought deal basis, to a syndicate of underwriters (the Underwriters) led by Scotia Capital Inc., National Bank Financial Inc. and Canaccord Genuity Corp., with Scotia Capital Inc. and National Bank Financial Inc. acting as joint bookrunners, and including, CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and M Partners Inc. Net proceeds from the Offering are expected to be used by the REIT to repay the approximately $6.9 million of indebtedness drawn down on the REIT's $50 million credit facility, which was used in connection with the acquisition of the Nun's Island properties, to fund future acquisitions and for general trust purposes. 

Company Quote

-0.05 -1.18%
27 Nov 2014