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True North Commercial upsizes equity offering to C$35M

True North Commercial REIT boosted its public equity offering to 5,575,000 trust units from 4.0 million trust units, at C$6.28 apiece, for gross proceeds of roughly C$35 million.

Underwriters were granted an overallotment option to purchase up to an additional 836,250 units under the offer, scheduled to close by Oct. 20.

Net proceeds will be used to fund the acquisition of five Canadian office assets, as well as for future acquisitions and for general trust purposes.

CIBC Capital Markets and Raymond James Ltd. led the syndicate of underwriters for the offering.