Crombie REIT announces exercise by underwriters of over-allotment option


    STELLARTON, NS, March 17 /CNW/ - Crombie Real Estate Investment Trust
("Crombie") (TSX: CRR.UN) announced today that the underwriters of its
previously announced public offering of 5,455,000 subscription receipts and
$30 million aggregate principal amount of 7.0% extendible convertible
unsecured subordinated debentures (the "Offering"), have notified Crombie of
their intention to exercise their over-allotment option to purchase an
addition 272,750 subscription receipts at a price of $11.00 per subscription
receipt for additional gross proceeds of $3,000,250. The closing of the
over-allotment option will occur concurrently with the closing of the Offering
scheduled for March 20, 2008, resulting in aggregate gross proceeds to Crombie
of $93,005,250, which will be used by Crombie to satisfy part of the purchase
price of its previously announced acquisition of a portfolio of 61 retail
properties representing approximately 3.3 million square feet of gross
leaseable area from subsidiaries of Empire Company Limited.
    The underwriting syndicate for the Offering was co-led by CIBC World
Markets Inc. and TD Securities Inc., and included BMO Nesbitt Burns Inc.,
Scotia Capital Inc., National Bank Financial Inc., Canaccord Capital
Corporation and Raymond James Ltd.
    The subscription receipts and debentures will not be registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
registration requirements.

    About Crombie

    Crombie is an open-ended real estate investment trust established under,
and governed by, the laws of the Province of Ontario. The trust invests in
income-producing retail, office and mixed-use properties in Canada, with a
future growth strategy focused primarily on the acquisition of retail
properties. Crombie currently owns a portfolio of 52 commercial properties in
six provinces, comprising approximately 8.0 million square feet of rentable
space. More information about Crombie can be found at
    This press release contains forward-looking statements regarding the
closing of the Offering. The risks associated with these forward looking
statements should be considered carefully and readers should not place undue
reliance on the forward looking statements. Forward-looking statements are
based on a number of assumptions which may prove to be incorrect. Closing of
the Offering is conditional on the finalization of acceptable closing
documentation to Crombie and the underwriters and the timing of the closing of
the Offering may not occur as planned. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press release and
Crombie undertakes no obligation to update such statements except as required
by law.
    Additional information relating to Crombie can be found on Crombie's web
site at or on the SEDAR web site for Canadian regulatory
filings at

For further information:

For further information: Scott Ball, C.A., Vice President, Chief
Financial Officer and Secretary, Crombie REIT, (902) 755-8100

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