Apr. 21, 2011 (Canada NewsWire Group) --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
WINNIPEG, April 20 /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 5.75% Series G convertible redeemable unsecured subordinated debentures due June 30, 2018 (the "Series G Debentures"), each Series G Debenture being issued in the principal amount of US$1,000. The Offering was completed on a bought deal basis through a syndicate of underwriters co-led by CIBC and BMO Capital Markets as joint bookrunners, and Canaccord Genuity as co-lead. On closing, Artis issued 88,000 Series G Debentures, inclusive of 8,000 Series G Debentures issued pursuant to the exercise in full of the underwriter's over-allotment option, resulting in aggregate gross proceeds to Artis of US$88,000,000.
Artis intends to use the net proceeds from the Offering to fund new acquisitions, to retire existing debt and / or for general trust 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 14.4 million square feet of leasable area in 146 properties. Leasable area by asset class is approximately 23.3% retail, 32.5% office and 44.2% industrial. The portfolio is located 11.1% in British Columbia, 33.4% in Alberta, 4.4% in Saskatchewan, 21.8% in Manitoba, 6.9% in Ontario, 22.4% 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