TSX SYMBOL: BEI.UN January 21, 2005
Boardwalk REIT Completes $120 Million Unsecured Debenture Issue And Removes Final Conditions To Purchase Alberta And British Columbia Portfolio
Calgary, Alberta – January 21, 2005
- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Real Estate Investment Trust (“Boardwalk REIT”
or the “Trust”) is pleased to announce that is has
completed its previously announced issue, on a marketed
underwritten basis, of $120,000,000 principal amount of
senior unsecured debentures (the “Offering”) raising
total gross proceeds of $119,943.600. The debentures
are rated “BBB” with a Stable trend by Dominion Bond
Rating Services, carry a coupon rate of 5.31% and will
mature on January 23, 2012. The Offering was
underwritten by National Bank Financial Inc. and RBC
Capital Markets.
This Offering was made under Boardwalk REIT’s short form
prospectus dated January 14, 2005 which was filed with
Canadian securities regulatory authorities in each of the
provinces and territories of Canada.
The net proceeds from this Offering will be used
by the Trust to fund the acquisitions described in
Boardwalk REIT’s January 10, 2005 press release and
for general trust purposes.
Corporate Profile
Boardwalk REIT is an open-ended real estate investment
trust formed to acquire all of the assets and undertakings
of Boardwalk Equities Inc. Boardwalk REIT’s principal
objectives are to provide its unitholders with monthly
cash distributions, partially on a Canadian income
tax-deferred basis, and to increase the value of its
units through the effective management of its residential
multi-family revenue producing properties and the
acquisition of additional properties. Boardwalk REIT
currently owns and operates in excess of 250 properties
with over 32,000 units totalling approximately 27 million
net rentable square feet, and is Canada’s largest
owner/operator of multi-family rental communities.
Boardwalk REIT’s portfolio is concentrated in the
provinces of Alberta, Saskatchewan, Ontario and Quebec.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES.
ANY FAILURE TO COMPLY WITH THIS RESTRICTION
MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
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;
Paul Moon,
Director of Corporate Communications,
(403) 531-9255.
