True North Commercial Real Estate Investment Trust completes $80.5 million equity offering with full exercise of over-allotment option

November 14, 2019

On September 12, 2019, True North Commercial Real Estate Investment (the “REIT”) (TSX: TNT.UN) closed its bought deal offering (the “Offering”) of trust units (“Units”) with a syndicate of underwriters led by CIBC Capital Markets and Raymond James Ltd. (collectively, the “Underwriters”). An aggregate of 12,201,500 Units were issued by the REIT at a price of $6.60 per Unit, including 1,591,500 Units issued on the full exercise of the Underwriters’ over-allotment option, for aggregate gross proceeds of approximately $80.5 million. Certain trustees and officers of the REIT purchased an aggregate of 164,515 Units pursuant to the Offering. The REIT intends to deploy the net proceeds from the Offering to fund the potential acquisition of three high-quality Class “A” office properties (the “Potential Acquisition Properties”) from three arm’s length vendors located in the Greater Toronto Area, Ontario and Calgary, Alberta, which feature strong tenant profiles.

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 45 commercial properties consisting of approximately 3.7 million square feet in urban and select secondary markets across Canada. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.

Miller Thomson advised the REIT with a team led by Lawrence Wilder (Capital Markets & Securities), and comprised of Abid Ahmed, Jonathan Tong, Adam Kline and Deven Rath (Capital Markets & Securities), as well as Neil Gurmukh (Corporate Tax).