Dundee REIT Completes First Public Offering

On November 5, 2003, Toronto-based Dundee Real Estate Investment Trust raised $56.4 million by completing its first public offering of its units in Canada. The underwriting syndicated was led by TD Securities Inc. and Scotia Capital Inc., and included BMO Nesbitt Burns Inc., Dundee Securities Corporation and National Bank Financial Inc.

The REIT’s units were offered at $21.70 per unit, with a total of 2.6 million units being sold pursuant to a public offering in Canada and a private placement in the U.S., including units offered at closing pursuant to the exercise by the underwriters of the over-allotment option. The REIT plans to use the offering proceeds to pay off indebtedness and for general purposes, including the funding of the Palladium Campus in Ottawa acquisition.

The REIT was represented in Canada by Osler, Hoskin & Harcourt LLP, with a team that included George Valentini and Jack Cook (real estate), Doug Marshall, Desmond Lee and Pei-Ching Huang (corporate) and Jack Silverson and Ronit Florence (tax) in Toronto, and Dominique Têtu, Carole Larose and Jacques Beaumier (translation) in Montreal; and in the U.S. by Gil Cornblum of Dorsey & Whitney LLP in Toronto.

The underwriters were represented by Torys LLP, with a team that included Simon Knowling, Graham Rawlinson, Don MacInnis and Michael Fortier (corporate), Paul Kennedy, Katharine Alexander-Carew, John van Gent, Harry Gousopoulos and Karie Ann Benham (real estate), Dennis Mahony (environmental) and Lucia ten Kortenaar and Catrina Card (tax) in Toronto, and Darren Baccus in New York.

Dundee Realty Corporation, a subsidiary of Dundee Bancorp Inc. and one of the REIT’s principal investors, was represented by Ron Richler (tax) and Alan Brown (corporate) of Blake, Cassels & Graydon LLP.