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Melcor Real Estate Investment Trust Prices $83 Million Initial Public Offering

Friday, 19 Apr 2013 06:07pm EDT 

Melcor Real Estate Investment Trust announced that the REIT has filed, and obtained a receipt for, a final prospectus for its initial public offering of 8,300,000 trust units with the securities commissions of all provinces and territories in Canada. The trust units will be issued at a price of $10.00 per trust unit and are expected to provide holders of trust units with an annual yield of 6.75%. Gross proceeds of the offering are expected to be $83,000,000. The offering is being underwritten by a syndicate of underwriters co-led by RBC Capital Markets and CIBC, and including BMO Nesbitt Burns, TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp. and Laurentian Bank Securities Inc. Melcor Developments Ltd. and the REIT have granted to the underwriters an over-allotment option to purchase up to an additional 830,000 trust units at a price of $10.00 per unit for a period of 30 days after closing of the offering and, if exercised in full, will increase the total gross proceeds of the offering to Melcor and the REIT to $91,300,000. On closing of the initial public offering, it is expected that Melcor Developments Ltd. (collectively, with its affiliates, "Melcor") will directly or indirectly hold a 55.5% interest in the REIT (51.1% if the over-allotment option is exercised in full). Melcor's experienced real estate team will externally administer and operate the REIT's properties. 

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30 Mar 2015