Artis REIT to offer C$50 million of five-year preferred trust units

By Cristal Cody

Prospect News, July 24 - Artis Real Estate Investment Trust announced on Tuesday that it will sell C$50 million of cumulative five-year rate reset preferred trust units.

The series A units will price at C$25.00 each and yield a dividend for the initial five-year period ending Sept. 30, 2017.

RBC Capital Markets Corp., CIBC World Markets Inc. and Macquarie Capital Markets Canada Ltd. are the lead managers.

The deal includes an over-allotment option of up to an amount equal to 15% of the number of units sold.

The series A units are redeemable by Artis on Sept. 30, 2017 and on Sept. 30 of every fifth year thereafter.

Proceeds will be used to repay debt, to fund future acquisitions and for general trust purposes.

Winnipeg, Man.-based Artis is a diversified Canadian real estate investment trust with investments in office, industrial and retail properties.

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