Crombie REIT Completes Offering

On March 20, 2008, Crombie Real Estate Investment Trust (“Crombie”) closed its previously announced public offering of 5,727,750 subscription receipts (including the exercise in full of the underwriters' over-allotment option), at a price of $11.00 per subscription receipt, and $30 million aggregate principal amount of 7.0 per cent extendible convertible unsecured subordinated debentures for aggregate gross proceeds of $93,005,250.

The syndicate of underwriters was co-led by CIBC World Markets Inc. and TD Securities Inc., and included BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., Canaccord Capital Corporation and Raymond James Ltd.

The net proceeds from the offering will be used by Crombie to satisfy a portion of the purchase price of its acquisition of a portfolio of 61 retail properties from subsidiaries of Empire Company Limited.

Crombie was represented by Goodmans LLP with a team that included Bill Gorman and Daniel Jeon, (corporate/securities), Juli Morrow, Andrew Wiseman and Ken Herlin (real estate), Maureen Berry (tax), Tom Macdonald and Jonathan Freeman (environmental) and Richard Annan (competition); and by Stewart McKelvey with a team that included Jim Dickson, Andrew Burke, Deanne MacLeod and Gavin Stuttard (corporate/securities).

The underwriters were represented by Davies Ward Phillips & Vineberg LLP with a team that included Mitchell Finkelstein, Mindy Gilbert, Mark O'Brien (corporate/securities), Neal Armstrong (tax), Gabriella Lombardi (real estate) and Sarah Powell (environmental).


Mindy B. Gilbert Ken Herlin Gabriella Lombardi Mitchell P. Finkelstein Andrew V. Burke Andrew S. Wiseman Thomas M. F. Macdonald Bill Gorman Jonathan Freeman Mark O'Brien James M. Dickson Maureen Berry Gavin Stuttard Daniel S. Jeon Juli Morrow Deanne MacLeod Richard Annan Neal H. Armstrong


Goodmans LLP Stewart McKelvey Davies Ward Phillips & Vineberg LLP