O&Y REIT Completes Private Placement

O&Y Real Estate Investment Trust successfully completed a private placement on March 26, 2002. While most real estate investment trusts have relied on their TSE listings to effect distributions of their units, O&Y, Canada’s only “pure play” office REIT, relying upon its portfolio of quality office buildings in major markets across Canada, was able to raise in excess of $50 million from public institutional investors and an affiliate under Ontario’s new private placement regime. The units sold to institutional investors were sold through CIBC World Markets Inc., acting as agent.
Fasken Martineau DuMoulin LLP represented O&Y REIT in structuring and completing the private placement, with a team led by Jon Levin and Aaron Atkinson. Patricia Koval and Christopher Fowles of Torys LLP acted as counsel to CIBC World Markets and the institutional investors.