Calloway Real Estate Investment Trust
TSX : CWT.UN

Calloway Real Estate Investment Trust

August 25, 2009 08:43 ET

Calloway Real Estate Investment Trust Completes $50 Million Financing

TORONTO, ONTARIO--(Marketwire - Aug. 25, 2009) -

MEDIA RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announced today that it has closed its previously announced bought-deal offering of 3,226,000 trust units (the "Units") at $15.50 per Unit for gross proceeds of approximately $50 million. A syndicate co-led by CIBC, RBC Capital Markets and BMO Capital Markets, with CIBC acting as bookrunner, acted as underwriters for the offering.

This offering was made under Calloway's base shelf prospectus dated September 21, 2007 and filed in all provinces of Canada.

The net proceeds from the offering, after deducting the underwriters' fee, of approximately $48 million will be used by Calloway to pay down amounts outstanding under its current credit facilities, finance future acquisitions and for general trust purposes.

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.

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)