H&R REIT Completes Financing

On March 16, 2005, H&R Real Estate Investment Trust (H&R REIT) completed a bought-deal financing pursuant to which it issued 5.25 million trust units for total gross proceeds of approximately $100.3 million. The trust 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 Corp. and Desjardins Securities Inc.

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

H&R REIT was represented by Fraser Milner Casgrain LLP with a team that included William Fung, Leslie Johnson, Joshua Yarmus and Jennifer Armstrong (securities) and Jules Lewy (tax), and by David Kutner of Minden Gross Grafstein & Greenstein LLP for real estate matters.

The underwriters were represented by Goodmans LLP with a team that included David Matlow and Chantal Thibault (securities), Alan Bowman (tax) and Ken Herlin and Jim McLellan (real estate).


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