Date Closed

December 9, 2011

Lead Office

Toronto

Value

100.00 Million CAD

On December 9, 2011, Calloway Real Estate Investment Trust ("Calloway" or the “REIT”) 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 C$27.05 per Unit for gross proceeds of C$100 million.

The net proceeds 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.

Calloway Real Estate Investment Trust, headquartered in Vaughan, Ontario, is one of Canada's largest real estate investment trusts with total assets of approximately C$5.7 billion

McCarthy Tétrault LLP represented the syndicate of underwriters, with a team that was led by Graham Gow, and included James Morand, Andrew Parker and Matthew Appleby.