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True North Commercial REIT grosses C$40M in bought-deal offering

Office-focused True North Commercial Real Estate Investment Trust grossed roughly C$40.3 million from its bought-deal offering of 6,325,000 trust units at C$6.37 apiece.

The underwriters fully exercised their overallotment option to purchase up to 825,000 additional trust units.

The trust plans to use the net proceeds from the offering to finance future purchases, repay debt under its credit facilities and for general trust purposes.