- A syndicate of underwriters led by Scotiabank and BMO Capital Markets has agreed to purchase $117 million of trust units
- ECL Developments Limited will purchase approximately $83 million of Class B LP units of Crombie Limited Partnership
- The placements are expected to close on or about January 31st
- Crombie Real Estate Investment Trust is a Canada-based REIT that focuses on the retail industry
- Crombie Real Estate Investment Trust (CRR.UN) opened trading at C$18.00 per share
A syndicate of underwriters led by Scotiabank and BMO Capital Markets has agreed to purchase $117 million of trust units.
In addition, ECL Developments Limited, a wholly-owned subsidiary of Empire Company Limited (“Empire”), will purchase approximately $83 million of Class B LP units of Crombie Limited Partnership.
The placements are expected to close on or about January 31, 2022.
The REIT intends to use the net proceeds from the Equity Financing to repay outstanding indebtedness, to fund the REIT’s development pipeline and value-add capital programs with Empire, and for general trust purposes.
Crombie Real Estate Investment Trust invests in quality real estate that enhances local communities and is adaptable to long-term growth. Crombie’s portfolio includes grocery-anchored retail, shopping centres, retail-related industrial, and mixed-use developments.
Crombie Real Estate Investment Trust (CRR.UN) opened trading at C$18.00 per share.