Real Estate — November 9, 2012Primaris Retail REIT Announces Completion of $115 Million Public Offering of Trust Units Including the Exercise of the Over-Allotment Option
TORONTO, ONTARIO--(Marketwire - Nov. 9, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Primaris Retail REIT ("Primaris" or "the REIT") (TSX:PMZ.UN) announced today that it has successfully completed the issuance of an aggregate of 4,904,750 trust units (the "Units") at a price of $23.45 per Unit for aggregate gross proceeds of $115,016,387 (the "Offering"). The Offering included the full exercise of the over-allotment option, which permitted the underwriting syndicate to purchase an additional 639,750 Units for $23.45 per Unit, for additional gross proceeds of $15,002,137. The underwriting syndicate for the Offering was co-led by RBC Capital Markets and CIBC.
As previously announced, the net proceeds from the Offering (after deducting the underwriters' fee and estimated expenses of the Offering) will be used to fund a portion of the purchase price, including closing costs, of the acquisition of Regent Mall and McAllister Place, which are anticipated to close at the end of November. Any additional net proceeds will be used for general trust purposes.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.
The press release contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, the REIT's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", or similar words suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.
Although the forward-looking statements contained in this press release are based on what management of the REIT believes are reasonable assumptions, forward-looking statements involve significant risks and uncertainties. They should not be read as guarantees of future performance or results and will not necessarily be an accurate indicator of whether or not such results will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results to differ from targets, expectations or estimates expressed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, economic, competitive and commercial real estate conditions, unplanned compliance-related expenses, uninsured property losses and tenant-related risks.
Primaris Retail REIT owns 33 income-producing properties comprising approximately 13.7 million square feet located in Canada. Primaris Retail REIT is a TSX-listed real estate investment trust. As of October 31, 2012, Primaris had 95,085,289 Units outstanding (including 2,122,261 exchangeable units for which units have yet to be issued).
Primaris Retail REIT
President and Chief Executive Officer
Primaris Retail REIT
Louis M. Forbes
Executive Vice President and Chief Financial Officer
Latest Industry Press Releases
Empire Industries Announces Stock Option Grants (2013-12-10)
November 2013 Housing Starts in Prince Edward Island (2013-12-09)
November 2013 Housing Starts in New Brunswick (2013-12-09)
November 2013 Housing Starts in Halifax (2013-12-09)
November 2013 Housing Starts in St. John's (2013-12-09)
Superior Plus Announces December 2013 Cash Dividend (2013-12-05)
|MOST POPULAR STORIES|
- Construction begins on 1.5-kilometre western portion of Mississauga transitway
- “Super beam” installed in Montreal Champlain Bridge repair
- Tunnelling of the Toronto-York Spadina Subway Extension completed
- Concrete awards recognize Ontario’s best
- RCMP make another arrest in connection with its SNC-Lavalin probe
- 20 Most Popular Stories
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 299 projects with a total value of $6,054,395,373 that Reed Construction Data Building Reports reported on Tuesday.
$200,000,000 Halton Reg ON Prebid
$191,000,000 Toronto ON Prebid
$144,000,000 Etobicoke ON Prebid
- Toronto firms tops for Winnipeg hut designs
- Toronto architect releases music album
- Road pricing an effective congestion fighter, say experts
- What does “Local Knowledge” really mean in Ontario AFPs?
- United States construction employers add 17,000 jobs in November but growth is uneven, finds AGC
- Toronto housing starts dip: CMHC
- Active unions needed, says Segal
- Saint John Harbour Bridge project wraps up
- New Westminster Development
- Natural gas generating facilities planned
- Refinery costs jump by $2.8 billion
- Employers must be aware of liability at holiday office parties
- New charges needed for infrastructure
- Skills Training at BCIT
- Auditor generals weigh in on value of P3s
- Low lead requirements kicking in next year
- Mental heath and workplace psychology must be addressed
- Edmonton International Airport mall takes shape
- University of Winnipeg building an apartment complex