Calloway Real Estate Investment Trust
TSX : CWT.UN

Calloway Real Estate Investment Trust

November 30, 2011 16:28 ET

Calloway REIT Announces $100 Million Public Offering of Trust Units

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2011) -

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

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, 3,700,000 trust units ("Trust Units") at a price of $27.05 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 December 9, 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 a Prospectus Supplement to Calloway's existing $2 billion base shelf short form prospectus filed with Canadian securities regulatory authorities. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

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 is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6 billion. It owns and manages approximately 25 million square feet in 127 value-oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Walmart will continue to be the dominant anchor tenant in the portfolio, and we expect their presence will continue to attract other retailers and consumers. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers.

Contact Information

  • Calloway Real Estate Investment Trust
    Al Mawani
    President and Chief Executive Officer
    (905) 326-6400 x7649

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