Cominar announces closing of issue of units
17 October 2011 - 5:29AM
PR Newswire (Canada)
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
THE U.S. QUÉBEC CITY, Oct. 20, 2011 /CNW Telbec/ - Cominar Real
Estate Investment Trust ("Cominar") announces today that it has
closed its previously announced public offering of 5,207,000 units
(the "Units"). The Units were sold to a syndicate of underwriters
led by National Bank Financial Inc. and BMO Nesbitt Burns Inc. for
total net proceeds to Cominar of approximately $107,2 million,
after deducting the underwriters' fee and the estimated expenses of
the offering. The proceeds from the sale of the Units will be used
to pay down debt outstanding under current credit facilities, which
debt was used to finance Cominar's ongoing acquisition and
development pipeline, and will be used to finance future
acquisitions and developments. The Units have been offered in all
provinces of Canada by way of a short-form prospectus. The Units
have not been and will not be registered under the United States
Securities Act of 1933 and accordingly will not be offered, sold or
delivered, directly or indirectly within the United States, its
possessions and other areas subject to its jurisdiction or to, or
for the account or for the benefit of a U.S. person, except
pursuant to applicable exemptions from the registration
requirements. Portfolio as at October 20, 2011 Cominar is the
largest commercial property owner in the Province of Québec.
Cominar owns a real estate portfolio of 269 high quality
properties, consisting of 53 office, 55 retail and 161 industrial
and mixed-use buildings that cover a total area of 21.0 million
square feet in the Greater Québec City, Montréal and
Ottawa-Gatineau areas as well as in the Atlantic Provinces.
Cominar's objectives are to deliver growing cash distributions to
its unitholders and to maximize unitholder value through proactive
management and the growth of its portfolio. Forward-Looking
Statements This press release may contain forward-looking
statements with respect to Cominar Real Estate Investment Trust and
its operations, strategy, financial performance and condition.
These statements generally can be identified by use of forward
looking words such as "may", "will", "expect", "estimate",
"anticipate", "intends", "believe" or "continue" or the negative
thereof or similar variations. The actual results and performance
of Cominar Real Estate Investment Trust could differ materially
from those expressed or implied by such statements. Such statements
are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations. Some important
factors that could cause actual results to differ materially from
expectations include, among other things, general economic and
market factors, competition, changes in government regulation and
the factors described under "Risk Factors" in the annual
information form of Cominar Real Estate Investment Trust. The
cautionary statements qualify all forward-looking statements
attributable to Cominar Real Estate Investment Trust and persons
acting on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release and
Cominar Real Estate Investment Trust has no obligation to update
such statements. COMINAR REAL ESTATE INVESTMENT TRUST CONTACT: Mr.
Michel Dallaire, P.Eng.President and Chief Executive Officer,
Cominar Real Estate InvestmentTrust(418) 681-8151
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