Whiterock REIT plans C$35 million private placement of trust units as part of acquisition

By Sheri Kasprzak

New York, May 11 - Whiterock Real Estate Investment Trust is in the process of negotiating a C$35 million private placement of its trust units as part of a C$50 million acquisition program of properties.

The terms of the PIPE have not yet been determined, but RBC Capital Markets is the lead agent for the deal.

The placement is expected to close in June and the proceeds from the offering will be used to pay for the cash portion of the acquisition of industrial, office and retail properties in New Brunswick, Nova Scotia and Saskatchewan.

Toronto-based Whiterock is a real estate investment trust focused on acquiring and developing retail and industrial properties.

On Wednesday, the stock closed at C$3.39 (Toronto: WRK).

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