Charter Real Estate Investment Trust
TSX VENTURE : CRH.UN

Charter Real Estate Investment Trust

September 05, 2007 16:24 ET

Charter Real Estate Investment Trust (TSX-V:CRH.UN) Announces the Exercise of Over-Allotment Option for $4.7 Million

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) -

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

Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN) (Charter "REIT") is pleased to announce that the underwriters of its recent equity offering of trust units ("Units") have exercised their over-allotment option to purchase an additional 1,370,912 Units at a price of $3.45 per Unit, for additional gross proceeds of $4,729,646.40. The closing of the sale of the additional Units is scheduled to occur on September 7, 2007.

Gross proceeds

Including the over-allotment, the total gross proceeds of Charter REIT's recent equity offering were $50,873,396.

Use of proceeds

Charter REIT will use any proceeds from the exercise of the over-allotment option to further reduce outstanding indebtedness, to acquire additional properties that meet its acquisition criteria and/or for general working capital purposes.

The underwriters

The underwriting syndicate for the offering was led by TD Securities Inc. and RBC Dominion Securities Inc., and included CIBC World Markets Inc., BMO Nesbitt Burns Inc., Blackmont Capital Inc., National Bank Financial Inc., Scotia Capital Inc. and HSBC Securities (Canada) Inc. (collectively, the "underwriters").

Charter REIT

Charter Real Estate Investment Trust is an open-ended real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring a portfolio of retail and mixed-use retail real estate comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada, with the principal goal of generating a reliable and growing yield for its investors. Charter REIT currently owns five commercial real estate properties located in Ontario and Quebec.

This press release contains forward-looking statements with respect to the closing of the over-allotment option exercise. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Charter REIT undertakes no obligation to update such statements except as required by law.



The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Charter Real Estate Investment Trust
    Ari Silverberg
    President and Chief Operating Officer
    (416) 364-5705
    (416) 861-8166 (FAX)
    or
    Charter Real Estate Investment Trust
    Floriana Cipollone
    Chief Financial Officer
    (416) 364-5705
    (416) 861-8166 (FAX)