Cominar announces bought deal financing for gross proceeds of $100 million

    




 NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE  U.S.   

 QUEBEC, Sept. 29, 2011 /CNW Telbec/ - Cominar Real Estate Investment  Trust ("Cominar")  announced today that it has entered  into an agreement to sell, on a bought deal basis, 4,652,000 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  $21.50 per Unit, for gross proceeds to Cominar of $100,018,000. 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. 

 Cominar has also granted the underwriters an over-allotment option to  purchase 697,800 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. 

 Cominar will, by October 5, 2011, file with the securities commissions  and other similar regulatory authorities in each of the provinces of  Canada a preliminary short form prospectus relating to the issuance of  the Units. Closing of the offering is expected to take place on or  about October 20, 2011. 

 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. 

 PROFILE as at September 29, 2011 

 Cominar is the largest commercial property owner in the Province of  Québec. The REIT owns a real estate portfolio of 268 high quality  properties, consisting of 53 office, 55 retail and 160 industrial and  mixed-use buildings that cover a total area of 20.9 million square feet  in the Greater Québec City, Montréal and Ottawa-Gatineau areas as well  as in the Atlantic Provinces. 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. 

COMINAR REAL ESTATE INVESTMENT TRUST


CONTACT:  Mr. Michel Dallaire, P.Eng.President and Chief Executive Officer, Cominar Real Estate InvestmentTrust(418) 681-8151 


    

Copyright