Cominar Announces Closing of $57.5 Million Issue of Units


    QUEBEC CITY, April 21 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) announces today that it has closed its previously
announced public offering of 4,792,050 units (the "Units"), after full
exercise of the underwriters' over-allotment option in respect of the Units.
The Units were sold to a syndicate of underwriters led by National Bank
Financial Inc. and BMO Nesbitt Burns Inc. for total net proceeds to Cominar of
approximately $54.9 million, after deducting the underwriters' fee and the
estimated expenses of the offering. The net 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.
    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.

    Portfolio as at April 21, 2009

    Cominar is one of the largest retail property owners and managers 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 Quebec City, Montreal and Gatineau/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

    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;
Media: Laird Greenshields, Morin Public Relations, (514) 289-8688, ext. 221

Organization Profile

Cominar Real Estate Investment Trust

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890