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Crombie REIT announces completion of its public offering of $60 million of trust units & private placement of $40 million of Cl

 Crombie REIT announces completion of its public offering of $60 million of  trust units & private placement of $40 million of Class B LP Units  "NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE  UNITED STATES"  STELLARTON, NS, May 30, 2014 /CNW/ - Crombie Real Estate Investment Trust  ("Crombie" or the "REIT") (TSX: CRR.UN) announced today that it closed the  previously announced public offering, on a bought-deal basis, of 4,530,000  trust units (the "Units") at a price of $13.25 per Unit for gross proceeds of  $60,022,500.  The offering was made under Crombie's prospectus supplement  dated May 23, 2014 supplementing the (final) base shelf prospectus dated May  13, 2014.  In addition to the issuance of Units to the public, ECL Developments Limited  ("ECL"), a wholly-owned subsidiary of Empire Company Limited (TSX: EMP.A), has  purchased, on a private placement basis, 3,018,868 Class B LP Units of Crombie  Limited Partnership ("Class B LP Unit") together with the attached Special  Voting Units of Crombie at a price of $13.25 per Class B LP Unit, for gross  proceeds of approximately $40 million.  Each Class B LP Unit is exchangeable  for one Unit of Crombie at the option of the holder. Upon exchange of a Class  B LP Unit, the associated Special Voting Unit is cancelled. After the closing  of the public offering and the private placement, Empire Company Limited holds  a 41.5% economic and voting interest in Crombie.  The REIT intends to use the net proceeds from both the offering and the  concurrent purchase by ECL to reduce outstanding borrowings under the REIT's  revolving credit facility and for general trust purposes, including possible  future acquisitions.  The underwriting syndicate was co-led by CIBC, BMO Capital Markets, Scotiabank  and TD Securities Inc., and also included National Bank Financial Inc., RBC  Capital Markets, Canaccord Genuity Corp., Desjardins Securities Inc. and  Raymond James Ltd.  About Crombie  Crombie Real Estate Investment Trust is an open-ended real estate investment  trust established under, and governed by, the laws of the Province of Ontario.  Crombie currently owns a portfolio of 250 commercial properties across Canada,  comprising approximately 17.6 million square feet with a strategy to primarily  own and operate a portfolio of high quality grocery and drug store anchored  shopping centres and freestanding stores in Canada's top 36 markets.  This news release contains forward looking statements that reflect the current  expectations of management of Crombie about Crombie's future results,  performance, achievements, prospects and opportunities. Wherever possible,  words such as "continue", "may", "will", "estimate", "anticipate", "believe",  "expect", "intend" and similar expressions have been used to identify these  forward looking statements, and include statements regarding the expected use  of proceeds of the offering and the ECL private placement. These statements  reflect current beliefs and are based on information currently available to  management of Crombie. Forward looking statements necessarily involve known  and unknown risks and uncertainties.  A number of factors, including those risks discussed in the 2013 annual  Management Discussion and Analysis under "Risk Management", could cause actual  results, performance, achievements, prospects or opportunities to differ  materially from the results discussed or implied in the forward-looking  statements. These factors should be considered carefully and a reader should  not place undue reliance on the forward looking statements. There can be no  assurance that the expectations of management of Crombie will prove to be  correct.  More information about Crombie can be found on Crombie's web site at or on the SEDAR web site for Canadian regulatory filings  at    SOURCE  Crombie REIT  please contact:  Mr. Glenn Hynes, FCA Executive Vice President, Chief Financial Officer and  Secretary Crombie REIT (902) 755-8100  To view this news release in HTML formatting, please use the following URL:  CO: Crombie REIT ST: Nova Scotia NI: FIN PVT NEWSTK  
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