Calloway REIT Completes Public Offering

On November 4, 2002, Calgary-based Calloway Real Estate Investment Trust completed a $50.8 million public offering of units traded. The proceeds from the offering, together with a loan from The Toronto-Dominion Bank, enabled Calloway REIT to acquire a diversified portfolio of mid-market retail, office and industrial rental properties located in B.C., Alberta, Manitoba and Ontario to augment its existing portfolio. The offering was underwritten by a syndicate led by TD Securities Inc., and included CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Desjardin Securities Inc.

At the time of closing, Calloway REIT also entered into a revolving operating and acquisition facility with TD Bank in the amount of $27.5 million.

Calloway REIT was represented by David Calnan and Joe Brennan (corporate and securities), Glenn Warkentin (real estate) and Dennis Nerland (tax) of Shea Nerland Calnan in Calgary.

Gordon Sato and Karsoen Ho of McCarthy T├ętrault LLP represented TD Bank. The underwriters were represented by William Rosenfeld, Sheldon Freeman, William Gorman and Marion Leong (corporate and securities), Ira Barkin and Jim McLellan (real estate) and Maureen Berry (tax) of Goodmans LLP.