H&R REIT Completes Financing

H&R Real Estate Investment Trust completed, on December 9, 2003, a bought deal financing pursuant to which it issued 8.165 million trust units for total gross proceeds of approximately $126.5 million. This included 1.065 million trust units that were issued as a result of the exercise in full of the option granted by the REIT to the underwriters of the financing. The units were sold to a syndicate of underwriters led by CIBC World Markets Inc., and included RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Canaccord Capital Corporation, Desjardins Securities Inc. and Raymond James Ltd.

The net proceeds of the financing will be used by the REIT to fund the acquisitions of additional properties, to finance additional development projects by way of mezzanine financing, to reduce the REIT’s indebtedness and for general trust purposes.

The REIT was represented by Fraser Milner Casgrain LLP, with a team that included William Fung, Joshua Yarmus and Jennifer Armstrong (securities) and Jules Lewy (tax); and by David Kutner (real estate) of Minden Gross Grafstein & Greenstein LLP in Toronto. The underwriters were represented by Goodmans LLP, with a team that included David Matlow, Allan Goodman and Chantal Thibault (securities), Allan Bowman (tax) and Ken Herlin and Jim McLellan (real estate).


Ken Herlin Joshua S. Yarmus Jules Lewy David J. Matlow David M. Kutner Allan J. Goodman Jim McLellan Alan Bowman William Fung Chantal Thibault Jennifer I. Armstrong