Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

April 13, 2011 16:36 ET

Calloway REIT Announces $100 Million Public Offering of Trust Units

TORONTO, ONTARIO--(Marketwire - April 13, 2011) -


Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN), announced that it has entered into an agreement to sell, to a syndicate of underwriters led by CIBC, RBC Capital Markets and BMO Capital Markets, on a bought deal basis, 4,000,000 trust units ("Trust Units") at a price of $25.15 per Trust Unit to raise, in aggregate, gross proceeds of approximately $100 million. Closing of the offering of Trust Units is expected to occur on or about April 21, 2011, subject to regulatory approval.

Calloway will use the net proceeds from the sale of the Trust Units for repaying indebtedness, future acquisition opportunities and general trust purposes.

This offering is being made by way of prospectus supplement to Calloway's existing short form base shelf prospectus dated October 9, 2009. The prospectus supplement will be filed in all provinces of Canada.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Trust Units being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About Calloway

Calloway Real Estate Investment Trust is an unincorporated open-end real estate investment trust created to invest in a geographically diversified portfolio of high quality retail shopping centres in Canada.

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