Whiterock REIT completes C$34 million public offering of units
On June 15, 2010, Whiterock Real Estate Investment Trust (TSX: WRK.UN) closed its previously announced public offering of 2,430,000 trust units at C$14.00 per unit for total proceeds of C$34 million. The units were underwritten by a syndicate of underwriters led by TD Securities Inc. Whiterock has granted the underwriters an over-allotment option to purchase up to an additional 364,500 trust units at the same offering price, exercisable in whole or in part at any time for a period of up to 30 days following the closing of the offering to cover over-allotments, if any. If the over-allotment option is exercised in full, the gross proceeds of the offering will total C$39.1 million.
Whiterock intends to use the net proceeds of the offering to fund its initial obligations relating to the acquisition of Airway Centre 1 and its ground lease of Airway Centre 2-4, as well as for general trust purposes. The Airway Centre properties comprise a three-storey Class B office building and one 10-storey and two 11-storey Class A office towers, with a total of 670,362 square feet of leasable area located at 5915-5955 Airport Road, Toronto.
Whiterock REIT is an unincorporated open-ended REIT focused on owning and acquiring high-quality mid-market office, industrial and retail properties in select markets across Canada.