True North Commercial REIT Completes Initial Bought Deal and Acquisition of Commercial Property Portfolio

True North Commercial Real Estate Investment Trust (“True North Commercial”) completed a bought deal offering of an aggregate of 14,549,914 trust units for gross proceeds of approximately $55.7 million (the “Offering”). The Offering was underwritten by a syndicate of underwriters led by Raymond James Ltd., and included National Bank Financial Inc., Scotia Capital Inc., GMP Securities L.P., Desjardins Securities Inc., Dundee Securities Ltd., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd.

The net proceeds from the Offering were used by True North Commercial to satisfy the cash portion of the acquisition price of a portfolio of five commercial properties located in the provinces of Ontario, Alberta and New Brunswick. The purchase price for the properties was approximately $144.7 million, of which approximately $50.1 million was paid in cash.

Cassels Brock & Blackwell LLP acted as counsel to True North Commercial with a team that included Tom Koutoulakis, Lawrence Wilder, Michael Brown, Adria Leung and Afzal Hasan (securities), Dave Redmond and Jonathan Freeman (real estate), Paul Carenza and Ted Citrome (tax).

Goodmans LLP acted as counsel to the Underwriters with a team that included Stephen Pincus, and Gesta Abols (corporate/securities), Andrew Wiseman and Andrea Fellows (real estate) and Jarrett Freeman (tax).