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. to sell, on a bought deal basis, 10,610,000 trust units of the REIT at a price of $6.60 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 terms of the Offering will be described in a prospectus supplement to be filed with Canadian securities regulatory authorities.


The REIT intends to deploy the net proceeds from the Offering to fund the potential acquisition of three high-quality Class “A” office properties from three arm’s length vendors located in the Greater Toronto Area, Ontario and Calgary, Alberta, which feature strong tenant profiles. The Potential Acquisition Properties are expected to be accretive to the REIT’s funds from operations and adjusted funds from operations per Trust Unit.






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