Date Closed

October 12, 2006

Lead Office

Toronto

Value

250.00 Million CAD

On October 12, 2006, Calloway Real Estate Investment Trust completed a public offering of C$250 million principal amount of 5.37% Series B senior unsecured debentures due October 12, 2016. The offering was led by RBC Dominion Securities Inc. and the underwriting syndicate included Scotia Capital Inc. and TD Securities Inc. The net proceeds of the offering will be used by the REIT to pay down amounts owing under its revolving credit facilities, with the balance to be used to fund future acquisition and development activity and for general trust purposes.

McCarthy Tétrault LLP advised the underwriters with a team led by Graham Gow.