Date Closed

January 29, 2013

Lead Office

Toronto

Value

23.00 Million CAD

On January 29, 2013, KEYreit (the "REIT") announced that it had closed the recently announced public offering of 3,740,950 trust units of the REIT ("Units"), including the full exercise of the over-allotment option, at a price of C$6.15 per Unit for aggregate gross proceeds of C$23 million. The offering was facilitated through a syndicate of underwriters co-led by National Bank Financial Inc. and BMO Capital Markets, and including Canaccord Genuity Corp., Dundee Securities Ltd., GMP Securities L.P. and Macquarie Capital Markets Canada Ltd.

KEYreit, headquartered in Toronto, Ontario, is a small-box retail property owner.

McCarthy Tétrault LLP represented National Bank Financial and BMO Nesbitt Burns, the co-lead underwriters, with a team led by Andrew Armstrong.