TSX SYMBOL: BEI.UN March 7, 2006
Not for distribution to U.S. news wire services or dissemination in the U.S.
Boardwalk Real Estate Investment Trust Announces Bought Deal For Gross Proceeds Of $60,420,000
Calgary, Alberta – March 7, 2006
- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Real Estate Investment Trust (TSX:BEI.UN)
(“Boardwalk” or the “REIT”) today announced that
it has agreed to issue 2,650,000 trust units
from treasury on a bought deal basis to a syndicate
of underwriters led by National Bank
Financial Inc. The trust units will be offered at a
price of $22.80 per trust unit. Boardwalk has also
granted the underwriters an over-allotment option to
purchase up to 265,000 additional trust units
from treasury. Completion of the financing is subject
to all normal regulatory approvals. The trust
units will be offered in each of the provinces and
territories of Canada by way of short form
prospectus. The financing is expected to close on
or about March 30, 2006.
The net proceeds of the financing will be used for
general purposes of the REIT, including capital
expenses and acquisitions of additional multi-family
properties, including the previously disclosed
purchase of 322 residential units in the City of
Montreal for gross proceeds of $24 million, which
purchase is scheduled to close before the end of
this fiscal quarter on March 31, 2006 (although
the offering is not conditional upon such closing).
The REIT distributes distributable income on a monthly
basis to trust unitholders of record on the
last business day of each month. Payments are made on
or about the 15th day after each record
date. Purchasers of trust units under this offering
will be entitled to receive distributions from the
REIT for the period commencing March 1, 2006 to
March 31, 2006, provided they continue to
own the trust units on the record date
for such distribution.
This news release shall not constitute an offer to
sell or the solicitation of any offer to buy, nor
shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or
sale would be unlawful. The trust units offered will
not be and have not been registered under the
United States Securities Act of 1933, as amended
(the “U.S. Securities Act”) and may not be
offered or sold in the United States except pursuant
to exemptions from the registration
requirements of the U.S. Securities Act and
applicable state securities laws.
Boardwalk REIT Phone: (403) 531-9255
Suite 200, 1501 - 1 Street S.W. Fax: (403) 531-9565
Calgary, Alberta T2R 0W1 Website : www.bwalkREIT.com
Forward Looking Information
Certain information regarding Boardwalk contained
herein may constitute forward-looking
statements. Forward-looking statements may include
estimates, plans, expectations, opinions,
forecasts, projections, guidance or other
statements that are not statements of fact. Although
Boardwalk believes that the expectations reflected
in such forward-looking statements are
reasonable, it can give no assurance that such
expectations will prove to have been correct.
These statements are subject to certain risks and
uncertainties and may be based on
assumptions that could cause actual results to differ
materially from those anticipated or implied
in the forward-looking statements. Boardwalk’s
forward-looking statements are expressly
qualified in their entirety by this
cautionary statement.
Corporate Profile
Boardwalk REIT is Canada’s largest owner/operator
of multi-family rental communities.
Boardwalk REIT currently owns and operates in
excess of 260 properties with over 33,000 rental
units totalling approximately 28 million net
rentable square feet. The REIT’s property portfolio
is concentrated in the provinces of Alberta,
British Columbia, Saskatchewan, Ontario and Quebec.
Boardwalk REIT’s trust units are listed on the
Toronto Stock Exchange, trading under the symbol
BEI.UN.
For further information please contact:
Boardwalk REIT
Sam Kolias,
President and CEO,
(403) 531-9255;
Roberto Geremia,
Senior Vice President, Finance
and Chief Financial Officer,
(403) 531-9255;
