Cominar announces closing of issue of units
August 17 2012 - 2:39PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./ QUÉBEC CITY, Aug. 21, 2012 /CNW Telbec/ - Cominar Real
Estate Investment Trust ("Cominar") announces today that it has
closed its previously announced public offering of 11,640,300 units
(the "Units"). The Units include 1,518,300 units of Cominar which
were issued upon the exercise of an over-allotment option and were
sold to a syndicate of underwriters led by National Bank Financial
Inc. and BMO Capital Markets for total net proceeds to Cominar of
approximately $276 million, after deducting the underwriters' fee
and the estimated expenses of the offering. The net proceeds of the
sale of the Units will be used to finance a portion of the GE
Capital Real Estate acquisition previously announced or to pay down
debt outstanding under current credit facilities and for general
and trust purposes. Indebtedness incurred under the credit
facilities was used to finance Cominar's acquisitions and
investments and for general and trust purposes. The Units have been
offered in all provinces and territories 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. Profile as at August
21, 2012 Cominar is the third largest diversified real estate
investment trust in Canada and currently remains the largest
commercial property owner in the Province of Québec. Cominar owns a
real estate portfolio of 415 high-quality properties, consisting of
82 office, 158 retail and 175 industrial and mixed-use buildings
that cover a total area of 30.7 million square feet in Québec,
Ontario, the Atlantic Provinces and Western Canada. Cominar's
objectives are to pay growing cash distributions to unitholders and
to maximise unitholder value by way of proactive management and the
expansion of its portfolio. Forward-Looking Statements This press
release may contain forward-looking statements with respect to
Cominar and its operations, strategy, financial performance
and financial condition. These statements generally can be
identified by the use of forward-looking words such as "may",
"will", "expect", "estimate", "anticipate", "intend",
"believe" or "continue" or the negative thereof or similar
variations. The actual results and performance of Cominar
discussed herein 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. The cautionary statements qualify all
forward-looking statements attributable to Cominar and persons
acting on its behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release. COMINAR REAL ESTATE INVESTMENT TRUST CONTACT: Mr. Michel
Dallaire, P.Eng.President and Chief Executive Officer, Cominar Real
Estate InvestmentTrust(418) 681-8151Mr. Michel BerthelotExecutive
Vice President and Chief Financial Officer, Cominar RealEstate
Investment Trust(418) 681-6300 ext. 2266
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