WINNIPEG, March 20 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT") (TSX: HNT.UN) announced today that, further to its offering (the
"Offering") to the public by way of short form prospectus of 5 Year 7.50%
Series C Convertible Redeemable Unsecured Subordinated Debentures (the
"Debentures"), it has agreed with the syndicate of investment dealers led by
Blackmont Capital Inc. (collectively, the "Agents") to increase the size of
the Offering to a maximum of $42,000,000 aggregate principal amount of
Debentures. HREIT has agreed to grant to the Agents an option to acquire
additional Debentures equal to 15% of the number of Debentures sold pursuant
to the Offering.
HREIT also announced that the Debentures will be convertible into trust
units of HREIT ("Units") at a price of $3.05 per Unit. HREIT intends to use
the net proceeds of the Offering to fund future acquisitions of income
producing properties, working capital and general purposes.
Closing of the Offering is expected to occur on or about March 29, 2007.
HREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbol HNT.UN. The objective of HREIT is to provide
Unitholders with stable cash distributions from investment in a geographically
diversified Canadian portfolio of quality commercial and industrial real
estate properties. There are currently 71,888,568 trust units outstanding. For
further information on HREIT, please visit our website at www.hreit.ca.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
The TSX has not reviewed or approved the contents of this press release
and does not accept responsibility for the adequacy or accuracy of this
For further information:
For further information: Arni Thorsteinson, Chief Executive Officer, or
Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax: (204) 452-5505,