Calloway Real Estate Investment Trust
TSX : CWR.UN
TSX : CWT.DB

Calloway Real Estate Investment Trust

November 30, 2006 08:53 ET

Calloway Real Estate Investment Trust Completes $225 Million Financing

TORONTO, ONTARIO--(CCNMatthews – Nov. 30, 2006) –

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UNITED STATES WIRE SERVICES

Attention Business Editors:

Calloway REIT (TSX:CWT.UN)(TSX:CWT.DB) announced today that it has closed its previously announced offering of 7,680,000 Units for a purchase price of $29.30 per Unit for a gross proceeds of $225 million. A syndicate led by CIBC World Markets Inc. and RBC Capital Markets acted as underwriters for the offering of the Units. The offering was made under Calloway's base shelf prospectus dated September 14, 2005 qualifying the issue of up to $2 billion in debt or equity securities. The net proceeds to Calloway, after deducting the underwriters' fee, was $216,023,040 which will be used to fund future acquisitions and for general trust purposes.

About Calloway

Calloway Real Estate Investment Trust is an unincorporated open-end real estate investment trust focused on the ownership and development of high quality retail properties. Calloway's mission is to deliver to its unitholders a stable, reliable and growing distribution. Calloway is Canada's largest owner of large format unenclosed retail properties with total assets of approximately $3 billion. It has ownership interests in a portfolio of 110 primarily retail properties across Canada containing an aggregate of over 16.5 million square feet of leased area and future development potential of approximately 3.5 million square feet.

The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.

Contact Information

  • Calloway Real Estate Investment Trust
    Simon Nyilassy
    President and Chief Executive Officer
    (905) 326-6400 (ext. 7649)

    or

    Calloway Real Estate Investment Trust
    Bart Munn
    Chief Financial Officer
    (905) 326-6400 (ext. 7631)