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Retrocom REIT closes US$52 million bought deal financing

Fasken
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Overview

Client

Retrocom Real Estate Investment Trust

On August 6, 2014, Retrocom Real Estate Investment Trust (the “REIT”) closed a public offering of 10,500,000 trust units of the REIT (the “Units”) at a price of $4.30 per Unit for gross proceeds of approximately $45 million. Concurrently with the closing of the offering, a syndicate of underwriters also exercised their over-allotment option to purchase an additional 1,575,000 Units at the same offering price for aggregate gross proceeds from the offering, including the proceeds from the exercise of the over-allotment option, of approximately $52 million. The net proceeds from the offering are expected to be used to partially fund the REIT’s acquisition of seven investment properties from Calloway Real Estate Investment Trust and two investment properties from Wal-Mart Canada Realty Inc. and SmartCentres Realty Inc. The REIT was represented by a team of Fasken Martineau lawyers that included Anil Aggarwal, Martin Fisher-Haydis, Laura Fetter and Justine Connelly (securities/corporate); and Mitchell Thaw (tax); with assistance from student-at-law Kamran Jessani.

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