Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Alternate Symbol(s): ARESF | T.AX.UN | T.AX.PR.I

Real Estate REIT - Diversified

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial. The industrial properties account for most of the portfolio, followed by the office properties and the retail properties.

TSX:AX.PR.E - Post by User

Artis Real Estate Investment Pref Shs Series E

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Post by commoditiesbullon Jun 24, 2009 5:12pm

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Post# 16096103

Artis REIT files preliminary short form prospectus

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES/

WINNIPEG, June 24 /CNW/ - Artis Real Estate Investment Trust ("Artis" or
the "REIT") (TSX: AX.UN) announced today that it has filed a preliminary short
form prospectus (the "Preliminary Prospectus") with securities regulatory
authorities in each of the provinces in Canada, in connection with an
overnight-marketed public offering of convertible unsecured subordinated
debentures (the "Series E Debentures") of Artis (the "Offering").
The Offering will be conducted through a syndicate of underwriters led by
Canaccord Capital Corporation and CIBC World Markets Inc. and will include BMO
Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia
Capital Inc., TD Securities Inc., Blackmont Capital Inc., Desjardins
Securities Inc., Macquarie Capital Markets Canada Ltd. and Brookfield
Financial Corp (the "Underwriters"). Artis has granted the Underwriters an
over-allotment option to purchase that number of additional Series E
Debentures equal to up to 15% of the Series E Debentures sold pursuant to the
Offering, exercisable at any time up to 30 days from the closing of the
Offering. The Offering is subject to certain conditions, including regulatory
approval.
The Offering will be priced in the context of the market with final terms
of the Offering to be determined at the time of pricing. Artis intends to use
the net proceeds from the Offering to repay certain indebtedness
(specifically, to repay existing mortgage debt) and for working capital
purposes. Artis believes this will reduce near term refinancing risk while
simultaneously adding to the pool of unencumbered portfolio assets.