Westfield REIT plans C$65 million private placement of trust units, convertibles

By Sheri Kasprzak

New York, Sept. 28 - Westfield Real Estate Investment Trust said is negotiating a C$65 million private placement.

The company plans to sell up to C$50 million in trust units and up to C$15 million in convertible subordinated redeemable debentures.

Placement agent Canaccord Capital Corp. has an over-allotment option for up to C$10 million in trust units.

The pricing of the offering has not yet been determined, but the deal is slated to close Oct. 28.

Proceeds will be used to partially fund the company's acquisition of 27 properties. The rest will be used for working capital.

In other news, Westfield said it plans to consolidate its units on a 10-for-1 basis once the private placement is completed.

Based in Winnipeg, Man., Westfield is a real estate investment trust focused on acquiring retail and residential properties.

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