True North Commercial REIT launched a bought-deal offering of 4,710,000 trust units at C$6.37 apiece for roughly C$30 million in gross proceeds.

The offering, expected to close on or about March 1, also carries a 30-day overallotment option for the underwriters to acquire up to 706,500 additional units.

The office real estate investment trust plans to use the net proceeds to finance potential future acquisitions, to repay debt owing under its existing credit facilities and for general trust purposes.

CIBC Capital Markets and Raymond James Ltd. are leading a syndicate of underwriters for the offering.