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True North Commercial REIT plans to buy 3 Canadian office properties for C$223M

True North Commercial Real Estate Investment Trust launched a C$70 million bought-deal offering of trust units to fund its potential acquisition of three class A office properties in Canada for approximately C$222.5 million.

The properties encompass a total of 624,000 leasable square feet, spread across Greater Toronto and in Calgary, Alberta, with a combined occupancy of 100%.

The bought-deal offering comprises 10,610,000 units priced at C$6.60 apiece. True North President and CEO Daniel Drimmer agreed to acquire about C$1 million of units as part of the offering, which comes with a 30-day overallotment option for the underwriters to acquire up to 1,591,500 additional units.

The institutional vendor of one of the properties being acquired by True North agreed to accept about C$15.0 million of trust units as partial consideration of the purchase price of the asset.

In case the company does not close any of the property acquisitions, it expects to use the net offering proceeds to finance future purchases.

CIBC Capital Markets and Raymond James Ltd. are leading the syndicate of underwriters for the offering, which is expected to close on or about Sept. 12.