NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
QUEBEC, Sept. 29, 2011 /CNW Telbec/ - Cominar Real Estate Investment
Trust ("Cominar") (TSX: CUF.UN) announced today that it has entered
into an agreement to sell, on a bought deal basis, 4,652,000 Units from
treasury to a syndicate of underwriters led by National Bank Financial
Inc. and BMO Capital Markets. The Units will be offered at a price of
$21.50 per Unit, for gross proceeds to Cominar of $100,018,000. The
proceeds from the sale of the Units will be used to pay down debt
outstanding under current credit facilities, which debt was used to
finance Cominar's ongoing acquisition and development pipeline, and
will be used to finance future acquisitions and developments.
Cominar has also granted the underwriters an over-allotment option to
purchase 697,800 additional Units, representing 15% of the size of the
offering. The over-allotment option may be exercised until 30 days
following the closing of the offering.
Cominar will, by October 5, 2011, file with the securities commissions
and other similar regulatory authorities in each of the provinces of
Canada a preliminary short form prospectus relating to the issuance of
the Units. Closing of the offering is expected to take place on or
about October 20, 2011.
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 September 29, 2011
Cominar is the largest commercial property owner in the Province of
Québec. The REIT owns a real estate portfolio of 268 high quality
properties, consisting of 53 office, 55 retail and 160 industrial and
mixed-use buildings that cover a total area of 20.9 million square feet
in the Greater Québec City, Montréal and Ottawa-Gatineau areas as well
as in the Atlantic Provinces. Cominar's objectives are to deliver
growing cash distributions to its unitholders and to maximize
unitholder value through proactive management and the growth of its
This press release may contain forward-looking statements with respect
to Cominar Real Estate Investment Trust and its operations, strategy,
financial performance and condition. These statements generally can be
identified by use of forward looking words such as "may", "will",
"expect", "estimate", "anticipate", "intends", "believe" or "continue"
or the negative thereof or similar variations. The actual results and
performance of Cominar Real Estate Investment Trust 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 Real
Estate Investment Trust. The cautionary statements qualify all
forward-looking statements attributable to Cominar Real Estate
Investment Trust and persons acting on its behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and Cominar Real Estate Investment Trust has no
obligation to update such statements.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST
For further information:
Mr. Michel Dallaire, P.Eng.
President and Chief Executive Officer, Cominar Real Estate Investment Trust