SmartCentres REIT closes C$230M bought deal offering of trust units

Date Closed

January 23, 2019

Lead Office

Toronto

Value

230.00 Million CAD

On January 23, 2019, SmartCentres Real Estate Investment Trust ("SmartCentres") announced that it has completed its previously announced bought deal offering of 7,360,000 variable voting units through a syndicate of underwriters at a price of C$31.25 per unit for gross proceeds of C$230 million. The proceeds include the exercise, in full, of the over-allotment option granted to the underwriters. SmartCentres plans to use the proceeds to partially fund its development programs in connection with the Vaughan Metropolitan Centre, seniors housing, self-storage, multi-family residential, retail and other initiatives.

The underwriters were co-led by CIBC Capital Markets, as bookrunner, BMO Capital Markets, RBC Capital Markets, Scotiabank and TD Securities, and included Desjardins Securities, National Bank Financial, Canaccord Genuity and Raymond James.

SmartCentres is a large Canadian real estate investment trust with assets of approximately C$9.4 billion. Based in Vaughan, Ontario, it owns and manages 34 million square feet of retail space.

McCarthy Tétrault LLP advised the underwriters with a team led by Andrew Parker that included Heidi Gordon and Mazen Baddar (Business), and Gabrielle Richards (Tax).

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