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Calloway REIT completes C$116 million equity offering

Date Closed

April 21, 2011

Lead Office



116.00 Million CAD

On April 21, 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 4.6 million Units (inclusive of 600,000 Units issued pursuant to the exercise in full of the Underwriters’ over-allotment option) at a price of C$25.15 per Unit for gross proceeds of C$115.6 million.

The offering involved a syndicate of underwriters led by CIBC and included RBC Capital Markets, BMO Capital Markets, TD Securities Inc., Scotia Capital Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd. and HSBC Securities (Canada) Inc. 

The net proceeds of the offering were used by the REIT, in part, to repay outstanding and maturing indebtedness, and the balance for future acquisition opportunities and general trust purposes.

Calloway, headquartered in Vaughan, Ontario, is an unincorporated open-end real estate investment trust

McCarthy Tétrault LLP represented the syndicate of underwriters, with a team led by Graham Gow.