Cominar announces bought deal financing for gross proceeds of $50 million


    QUEBEC CITY, June 16 /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, 3,290,000 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 $15.20 per Unit, for gross
proceeds to Cominar of $50,008,000. 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.
The Units will be offered in all provinces of Canada by way of a short-form
    Cominar has also granted the underwriters an over-allotment option to
purchase 493,500 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.
    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. The offering is subject to normal regulatory
approvals including approval of the Toronto Stock Exchange and is expected to
close on or before July 8, 2009.

    Portfolio as at June 16, 2009

    Cominar is the largest commercial property owner and manager in the
Province of Québec. Cominar owns a real estate portfolio of 215 high quality
properties, consisting of 38 office, 38 retail and 139 industrial and
mixed-use buildings that cover a total area of over 18.5 million square feet
in the Greater Québec City, Montreal and Ottawa areas. 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 portfolio.

    Forward-Looking Statements

    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.
    %SEDAR: 00010204EF

For further information:

For further information: Mr. Michel Dallaire, P.Eng., President and
Chief Executive Officer, Cominar Real Estate Investment Trust, (418) 681-8151

Organization Profile

Cominar Real Estate Investment Trust

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