Calloway Real Estate Investment Trust
TSX : CWT.UN

Calloway Real Estate Investment Trust

April 21, 2011 08:44 ET

Calloway Real Estate Investment Trust Completes Offering of $116 Million of Trust Units

TORONTO, ONTARIO--(Marketwire - April 21, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Calloway Real Estate Investment Trust ("Calloway" or the "REIT") (TSX:CWT.UN) announced that it has closed its previously announced offering of trust units ("Units"), pursuant to which Calloway issued and sold an aggregate of 4,600,000 Units (inclusive of 600,000 Units issued pursuant to the exercise in full of the Underwriters' over-allotment option) at a price of $25.15 per Unit for gross proceeds of $115,690,000.

The net proceeds from this $115,690,000 Unit offering will be used by the REIT to repay indebtedness, for future acquisition opportunities and general trust purposes.

A syndicate co-led by CIBC, RBC Capital Markets and BMO Nesbitt Burns Inc. acted as underwriters for the offering. The offering was made under Calloway's existing short form base shelf prospectus dated October 1, 2009. The terms of the offering are described in a prospectus supplement dated April 15, 2011, which was filed with Canadian securities regulators.

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

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