/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
TORONTO, Nov. 1, 2013 /CNW/ - CT Real Estate Investment Trust ("CT
REIT") (TSX: CRT.UN) announced today that pursuant to the underwriting
agreement dated October 10, 2013 among CT REIT, Canadian Tire
Corporation, Limited ("Canadian Tire") and a syndicate of investment
banks with RBC Capital Markets and CIBC acting as joint bookrunners,
the underwriters have exercised in full their option to purchase
3,952,500 additional trust units of CT REIT at a price of $10.00 per
trust unit for aggregate consideration of $39,525,000. The closing of
the over-allotment option is expected to occur on November 4, 2013.
The closing of the over-allotment option will increase the total gross
proceeds of the initial public offering to approximately $303 million.
The net proceeds of the over-allotment option will be used by CT REIT
for future property acquisitions, investments in properties and for
general trust purposes.
Upon closing of the over-allotment option, Canadian Tire will hold an
approximate 83.1% effective interest in CT REIT on a fully diluted
basis through ownership of 59,711,094 trust units and all of the issued
and outstanding Class B limited partnership units of CT REIT Limited
Partnership (the "Partnership"), which are economically equivalent to
and exchangeable for trust units. In addition, Canadian Tire will
continue to hold all of the issued and outstanding Class C limited
partnership units of the Partnership.
The Units have not been, nor will they be, registered under the U.S.
Securities Act of 1933, as amended, and may not be offered, sold or
delivered, directly or indirectly, in the United States or to, or for
the account or benefit of, ''U.S. persons'' (as defined in Regulation S
under the United States Securities Act of 1933, as amended) except
pursuant to certain exemptions. This press release does not constitute
an offer to sell or a solicitation of an offer to buy any of the Units
or the Debentures in the United States or to, or for the account or
benefit of, U.S. persons.
About CT Real Estate Investment Trust
CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated,
closed end real estate investment trust formed to own income producing
commercial properties primarily located in Canada. Its initial
portfolio is comprised of 256 properties totaling approximately 19
million square feet of GLA, consisting of 255 retail properties located
across Canada and one distribution centre. Canadian Tire is CT REIT's
most significant tenant.
This press release contains forward-looking information within the
meaning of applicable securities legislation, which reflects CT REIT's
current expectations regarding future events. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond CT REIT's
control that could cause actual results and events to differ materially
from those that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not limited
to the factors discussed under "Risk Factors" in the final prospectus
of CT REIT dated October 10, 2013. CT REIT does not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
SOURCE: CT REIT
For further information:
Media: Amy Cole, 416-544-7655, firstname.lastname@example.org
Investors: Andrea Orzech, 416-480-3195, email@example.com