The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group


Tuesday, June 28, 2011

ARTIS ANNOUNCES CLOSING OF EQUITY OFFERING AND PARTIAL EXERCISE OF OVER-ALLOTMENT OPTION FOR GROSS PROCEEDS OF $100.1 MILLION09:00 EDT Tuesday, June 28, 2011/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/WINNIPEG, June 28, 2011 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") announced today that it has closed its previously announced public offering (the "Offering") of trust units on a bought deal basis through a syndicate of underwriters co-led by CIBC and BMO Capital Markets, as joint bookrunners, and by Canaccord Genuity.  Artis issued and sold an aggregate of 7,100,000 trust units ("Units") (inclusive of 700,000 Units issued pursuant to the partial exercise of the Underwriters' over-allotment option) at a price of $14.10 per Unit for gross proceeds to Artis of $100,110,000.Artis intends to use the net proceeds from the Offering to fund new acquisitions, repay indebtedness and/or for general working capital purposes.Artis is a diversified Canadian real estate investment trust investing in office, industrial and retail properties.  Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in Canada and the United States, with a major focus on Western Canada.  Artis' commercial property comprises over 15.6 million square feet of leasable area in 157 properties. Leasable area by asset class is approximately 23.7% retail, 33.4% office and 42.9% industrial. The portfolio is located 10.3% in British Columbia, 31.0% in Alberta, 6.0% in Saskatchewan, 20.6% in Manitoba, 9.6% in Ontario, 22.5% in the U.S.The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. For further information: please contact Mr. Armin Martens, President and Chief Executive Officer, Mr. Jim Green, Chief Financial Officer or Ms. Kirsty Stevens, Chief Administrative Officer at 1.204.947.1250