Crombie REIT completes IPO and enters into $150 million revolving credit facility

On March 23, 2006, Crombie Real Estate Investment Trust successfully completed its initial public offering total gross proceeds of $204,842,240. In connection with this offering, the REIT acquired a portfolio of 44 commercial properties located in Atlantic Canada, Ontario and Quebec. Concurrently with the offering, the REIT also entered into a revolving credit facility with a syndicate of Canadian chartered banks, with the Bank of Nova Scotia acting as administrator agent, in an aggregate amount of $150 million. The banks were represented by Fasken Martineau with a team of John Torrey, David Johnson and David Ferris.