On February 16, 2004, Calloway Real Estate Investment Trust completed a public offering of trust units for gross proceeds of $150,537,502.50. The offering was made on a bought deal basis through a syndicate of underwriters co-led by TD Securities Inc. and CIBC World Markets Inc., and included RBC Dominion Securities Inc., Desjardins Securities Inc., Scotia Capital Inc., Canaccord Capital Corp., National Bank Financial and HSBC Securities (Canada) Inc. The proceeds of the offering were used to partially finance the acquisition of 12 shopping centres from the Wal-Mart - FirstPro Realty Partnership.
The REIT was represented by Shea Nerland Calnan in Calgary, with a team led by David Calnan, and included Joe Brennan. The underwriters were represented by Goodmans LLP, with a team led by Stephen Pincus, and included Sheldon Freeman and Mark Ableman (corporate/securities), Maureen Berry (tax) and Ira Barkin and Jim McLellan (real estate).