New stock arbitrage— True North Commercial REIT
True North Commercial Real Estate Investment Trust 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.
True North Commercial Real Estate Investment Trust announced that it has entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets and Raymond James Ltd. sell, on a bought deal basis, 10,120,000 trust units of the REIT at a price of $6.92 per Unit for gross proceeds to the REIT of approximately $70 million. The Offering is being made under the REIT’s short form base shelf prospectus dated June 1, 2018. The Offering is expected to close on or about November 18, 2019. The REIT intends to use the net proceeds from the Offering to fund the potential acquisition of two office properties