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Dundee REIT plans unit offering

Dundee Real Estate Investment Trust (D.UN-TO) said it plans to raise up to $115.3 million in a unit offering and use at least some of the proceeds for acquisitions.

Dundee, which is focused on owning mid-sized urban and suburban office and industrial properties in Canada, said it had agreed to sell 3.36 million units at $29.95 each to a syndicate of investment dealers led by TD Securities.

The syndicate has an over-allotment option to purchase up to an additional 504,000 units.

"The net proceeds of the offering will be used to fund committed and future acquisitions and for general trust purposes," Dundee said in a statement on Monday.

The offering is scheduled to close on or about December 21.

Soaring demand for Canadian real estate investment trusts has driven sales of new equity to levels not seen since before the financial crisis.

Dundee REIT has spent $689 million on acquisitions this year and has added more than 4 million square feet of properties to its portfolio, which consists of 11.3 million square feet of leasable area across Canada.

Earlier this month, Dundee REIT posted higher quarterly funds from operations (FFO), helped by strong occupancy rates and acquisitions.

It reported third-quarter FFO -- a key performance measure for REITs that strips out the profit-reducing effect of depreciation -- of $27.5 million, up from $16.2 million a year earlier. CTV Two CTV News CTV News Channel BNN - Business News Network CP24