Westfield REIT plans C$40 million private placement

By Sheri Kasprzak

Atlanta, June 29 - Westfield Real Estate Investment Trust said it has arranged a private placement for up to C$40 million.

The offering includes up to C$30 million in trust units and up to C$10 million in convertible redeemable debentures.

The pricing terms of the offering have not yet been determined.

Canaccord Capital Corp. is the placement agent in the deal, which is expected to close July 29.

The proceeds will be used to fund the cash portion of Westfield's C$133 million acquisition of 11 properties in Manitoba, Saskatchewan and Alberta.

Based in Winnipeg, Man., Westfield is a real estate investment trust.

The company's stock closed unchanged at C$0.40 Wednesday.

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