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).