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True North Commercial REIT upsizes bought-deal offering

Office-focused real estate investment trust True North Commercial REIT increased its bought-deal offering to 5.5 million trust units from 4,710,000 trust units, at C$6.37 apiece, for gross proceeds of roughly C$35 million.

The underwriters, led by CIBC Capital Markets and Raymond James Ltd., have a 30-day overallotment option to purchase up to 825,000 additional trust units.

The offering is expected to close on or around March 1.