Calloway Real Estate Investment Trust
TSX : CWT.UN

Calloway Real Estate Investment Trust

December 09, 2011 08:36 ET

Calloway REIT Completes Offering of $100 Million of Trust Units

TORONTO, ONTARIO--(Marketwire - Dec. 9, 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 3,700,000 Units at a price of $27.05 per Unit for gross proceeds of $100,085,000.

The net proceeds from this $100,085,000 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 Capital Markets acted as underwriters for the offering. The offering was made under Calloway's existing short form base shelf prospectus dated October 31, 2011. The terms of the offering are described in a prospectus supplement dated December 2, 2011, which was filed with Canadian securities regulators.

About Calloway

Calloway is one of Canada's largest real estate investment trusts with an enterprise value of $5.7 billion. It owns and manages 25 million square feet in 118 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.

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

Contact Information

  • Calloway Real Estate Investment Trust
    Al Mawani
    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