Charter REIT Completes Financings and Acquisition of Cornwall Square

On August 9, 2007, Charter Real Estate Investment Trust (Charter), a REIT focused on the ownership, acquisition and development of income-producing commercial retail and mixed-use properties, completed a public offering of 13,375,000 trust units. On September 7, 2007, the underwriters exercised their over-allotment option in respect of an additional 1,370,912 trust units, resulting in total gross proceeds to Charter of $50,873,396. The net proceeds of the offering were used by Charter to purchase Cornwall Square, a shopping mall in Cornwall Ontario, and to reduce outstanding indebtedness.

The syndicate of underwriters was led by TD Securities Inc. and RBC Dominion Securities Inc., and included CIBC World Markets Inc., BMO Nesbitt Burns Inc., Blackmont Capital Inc., National Bank Financial Inc., Scotia Capital Inc., and HSBC Securities (Canada) Inc.
Also on August 9, 2007, Charter closed a revolving operating and acquisition facility in an amount of up to $32,250,000 with The Toronto Dominion Bank acting as initial lender and administrative agent.

Goodmans LLP represented Charter with respect to the public offering and establishment of the acquisition facility with a team that included Michelle Roth, Bill Gorman, Allan Goodman, Michael Bertrand, Gail Jaffe, Daniel Jeon, and Brad Ross (corporate), Maureen Berry and Jarrett Freeman (tax) and Ken Herlin (real estate).

Aird & Berlis LLP represented Charter with respect to the acquisition of Cornwall Square with a team that included Hayden Solomons and Derek McCallum.

Torys LLP represented the underwriters of the public offering with a team that included Patricia Koval, Christopher Fowles, Simon Knowling, Danial Lam and Kelly Kwan (corporate), Grace Pereira (tax), and Katharine Alexander-Carew and Danielle Townley (real estate).

McCarthy T├ętrault LLP represented the lenders under the operating and acquisition facility with a team comprised of John Currie, Jonathan See and Leonard Lee.

Borden Ladner Gervais LLP represented the vendors of Cornwall Square with a team that included Morty Gross, Noella Milne and Rosa Mauro.


Christopher J. Fowles Jonathan See Morton G. Gross Katharine Alexander-Carew Allan J. Goodman Derek J. McCallum Simon C. Knowling Hayden Solomons Danielle A. Townley William (Bill) Gorman Maureen Berry John C. Currie Brad Ross Rosa Mauro Kelly Kwan Michelle Roth Danial K. Lam Grace Pereira Patricia A. Koval Daniel S. Jeon Jarrett Freeman Ken Herlin Noella M. Milne Leonard Lee