Smart Real Estate Investment Trust

SmartREIT in its $350 million issue of series O and series P senior unsecured Debentures

Client

Smart Real Estate Investment Trust

Value

$350 million

Service

Capital Markets

Date Closed

August 2016

Industry

REITs

Lead Office

Toronto


 

On August 30, 2016, Smart Real Estate Investment Trust ("SmartREIT") completed a $350 million aggregate principal amount issue of senior unsecured debentures. The issue included (i) $100 million principal amount of Series O senior unsecured debentures that carry an annual coupon rate of 2.987% and will mature on August 28, 2024 and (ii) $250 million principal amount of Series P senior unsecured debentures that carry an annual coupon rate of 3.444% and will mature on August 28, 2026. The issue was offered by a syndicate of dealers co-led and book-run by CIBC Capital Markets and BMO Capital Markets.

SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.6 billion. It owns and manages in excess of 31 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants.

Osler, Hoskin & Harcourt LLP acted for SmartREIT with a team led by Chris Murray that included Lauren Lefcoe and Michele Qu (Corporate) and Timothy Hughes and David Davachi (Tax).

 


Team
Timothy  Hughes

Timothy Hughes

Partner, Taxation

David Davachi

David Davachi

Partner, Taxation