May 09, 2019
Torys represented Choice Properties REIT with a deal team that included Michael Zackheim and Riley Harmon (Canadian corporate/securities), Christopher Bornhorst and Nico Basil (U.S. corporate/securities), Corrado Cardarelli and Andrew Wong (Canadian tax) and David Mattingly (U.S. tax).
On May 9, 2019, Choice Properties Real Estate Investment Trust ("Choice Properties") completed its previously announced public bought deal equity offering of 30,042,250 trust units at a price of $13.15 per unit, for aggregate gross proceeds of approximately C$395 million.
The offering consisted of 26,237,250 units sold on a bought basis to a syndicate of underwriters co-led by TD Securities Inc., RBC Capital Markets, BMO Capital Markets and CIBC Capital Markets and 3,805,000 units purchased by George Weston Limited, Choice Properties' largest unitholder. The closing included 3,422,250 units issued as a result of the exercise in full of the underwriters' over-allotment option.
The net proceeds of the offering will be used by Choice Properties to repay debt, thereby creating additional borrowing capacity to fund its previously announced residential development program, and for other business purposes.
Choice Properties is a diversified Canadian real estate investment trust, and the owner, manager and developer of a high-quality portfolio comprising 756 properties totaling approximately 67.7 million square feet of gross leasable area.
Further information can be found on Canada Newswire's website.