Retrocom Mid-Market Real Estate Investment Trust
TSX : RMM.UN

Retrocom Mid-Market Real Estate Investment Trust

July 14, 2005 13:25 ET

Retrocom Mid-Market REIT Announces Filing Of An Amendment To Its Preliminary Prospectus For Public Offering

TORONTO, ONTARIO--(CCNMatthews - July 14, 2005) - Retrocom Mid-Market Real Estate Investment Trust (TSX:RMM.UN) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE

Retrocom Mid-Market Real Estate Investment Trust (the "REIT") (TSX:RMM.UN) announced today that in addition to its proposed public offering of Units, it intends to raise approximately $20 million through a public offering of convertible unsecured subordinated debentures. The offering of debentures replaces the previously announced Underwriters' option of up to $21.5 million. In connection with the proposed public offering of debentures, the REIT has filed an amendment to its preliminary short form prospectus with securities regulatory authorities in each of the provinces and territories of Canada. The preliminary short form prospectus dated June 23, 2005 and the amendment are available at www.sedar.com.

The net proceeds of the offering along with the approximately $51.5 million to be raised through the concurrent issue of trust units, will be used by the REIT to satisfy a portion of the purchase price payable to RioCan Real Estate Investment Trust in connection with the previously announced proposed acquisition by the REIT of a portfolio of seven properties, to fund transaction costs necessary to close the acquisition and to pay down a portion of the amount outstanding under the REIT's operating facility. Subject to regulatory approvals, closing of the offering is expected to occur on July 26, 2005 and will be contemporaneous with the closing of the acquisition, which remains subject to certain closing conditions.

Retrocom Mid-Market REIT is an Ontario unincorporated open-end real estate investment trust which focuses on owning and acquiring mid-market commercial properties in primary and secondary cities across Canada with the objective of producing a geographically diversified portfolio of properties with stable and growing cash flows. Further information can be found at http://www.retrocomreit.ca.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the debentures in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The debentures and the units issued upon conversion of the debentures of Retrocom Mid-Market REIT have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.


Contact Information

  • Retrocom Mid-Market REIT
    Paul McKenna
    Investor Relations
    (416) 745-5775 x 351
    (416) 745-5766 (FAX)